Financial MyData services that had been provided only to individuals will be expanded to sole proprietors and small merchants. Authorities are also pushing to introduce a "My AI Agent" that would allow MyData to go beyond simple information inquiries and exercise finance-related rights on a user's behalf.

South Korea's Financial Services Commission on Monday held a second meeting of its legal advisory group on reforming the personal credit information consent system, chaired by Vice Chairman Kwon Dae-young (권대영). The FSC announced "MyData development measures in the AI era" that include the plan.

The FSC plans to expand, under the current Credit Information Act, the holder of the right to request the transfer of their own credit information and the scope of MyData service targets from "individuals" to "all credit data subjects".

As a result, sole proprietors and small merchants will be able to use MyData to manage in an integrated way financial, commercial and public information scattered across multiple institutions.

It will also broaden MyData functions. It will expand services now focused on information transfer and inquiries so they can exercise finance-related rights on a user's instructions, and lay the groundwork to introduce My AI Agent for that purpose.

The FSC also plans to expand the range of data that MyData can provide and use from its current focus on the financial sector to areas including virtual assets and policy finance.

The FSC plans to gather opinions from financial consumers and the industry and prepare an amendment to the Credit Information Act containing the relevant measures. Even before the legal revision, it will consider pilot operations through the designation of innovative financial services for qualified operators.