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Finance

MyData market expands as Korea faces impact of consecutive base rate hikes

Korea\'s financial MyData service is set to expand beyond individuals to sole proprietors and small merchants, evolving from simple data checks to executing financial tasks. The Financial Services Commission plans to broaden the right to request transmission of credit information and to introduce a \"My AI agent\". Separately, the Bank of Korea has raised its base rate for a second straight month, adding to upward pressure on loan rates and borrowers\' interest burdens.

Fintech

MyData market to expand as fintech eyes AI loans and finance groups focus on data sharing

Korea’s Financial Services Commission plans to expand MyData beyond individuals to include sole proprietors and small merchants, and to introduce a “My AI Agent” that can carry out financial actions on users’ instructions. The overhaul would integrate financial, commercial and public data for sole proprietors, including sales and tax information. Fintech firms are looking at AI-driven loan execution, while financial groups are focusing on sharing personal credit data among affiliates under revised rules.

Finance

Saemaul Geumgo expands policy finance supply, provides 217 billion won in first half

Saemaul Geumgo supplied a total of 217 billion won in policy funds in the first half of this year through sunshine loans, local government partnership loans and small business loans. Saemaul Geumgo Central Association said the total was led by local government partnership lending at 163 billion won, followed by sunshine loans of 38 billion won and small business loans of 16 billion won. Product rates were about 2 to 6 percent.