The government is expanding the MyData framework to all sectors, raising expectations of new business opportunities, especially for fintech. The Personal Information Protection Commission revised an enforcement decree in February to extend the right to request personal data transfers beyond healthcare and telecommunications to areas such as transport, culture, leisure and retail. The changes are to be rolled out from August after a grace period. Officials and industry discussed combining financial and non-financial data, while participants noted limits and infrastructure needs.

Financial market jitters in South Korea are growing as the Middle East war drags on, pushing oil prices higher and strengthening the dollar. The won has risen above 1,500 per dollar, near the highest level in about 17 years, while foreign outflows add to volatility in the KOSPI. Separately, banks, internet-only lenders and fintech platforms are intensifying competition for sole proprietor refinancing loans as infrastructure opens up.