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Finance

Financial sector audit to focus on household loans, ETFs and financial incidents

South Korea’s National Assembly will hold its annual state audit from Oct. 6 to 27, putting financial authorities and lenders under scrutiny. Key issues include household loan growth targets, governance reforms and internal controls following repeated financial incidents. Regulators’ oversight of single-stock leveraged ETFs, Hong Kong H-index ELS penalties and banks’ ETF trust sales fees are also expected to be questioned. Policy banks’ incidents and the progress of reforms at the National Agricultural Cooperative Federation may be reviewed.

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.