The South Korea Financial Services Commission published a plan to expand financial MyData beyond personal information aggregation and create a framework for AI agents to execute financial actions on users’ behalf. Proposed amendments to the Credit Information Act would extend data portability and MyData services from individuals to all credit information subjects, including sole proprietors and small businesses. Their financial, commercial and public information could be consolidated for asset management, business support and alternative credit assessment. MyData providers would be permitted to exercise specified financial rights for users, potentially including interest-rate reduction and debt adjustment requests, refinancing and policy funding applications, voice phishing relief claims, and unclaimed insurance claims. Providers could obtain advance bundled consent where the purpose, scope, method and duration are specified, while vague blanket consent would remain prohibited. The plan would also move permitted ancillary businesses to a negative-list approach, add virtual asset and policy finance data, facilitate notified data sharing among affiliates and strategic partners, clarify data combination standards, and impose recordkeeping and explanation duties for AI agent services. The commission plans to pursue Credit Information Act amendments from the second half of 2026 and related implementing rules and guidance through the first half of 2027. Before legislation passes, eligible providers may be approved for pilot operations through the innovative financial services framework.

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