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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.

Industry

Tempe to drop vehicle enforcement cameras over misuse risk

Tempe, Arizona will end its contract with Flock Safety to operate AI-based automatic license plate reader cameras, citing concerns that privacy risks outweigh public safety benefits after reports of misuse elsewhere. The city will stop operating the network and remove 33 cameras, and it does not plan to replace them with similar technology from another company. Tempe said no misuse has been confirmed locally and audits found no improper searches.

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.