The Scope of MyData Information Provided by Banks, Insurance, and Cards Expands to 720 Items

Financial Services Commission's Plan to Expand Information Provision on the 19th
Providing Retirement Pension, Tax Payment Details, and Automatic Transfer Information
Also Providing Real-Time Information on Card Payments

[Asia Economy Reporter Sim Nayoung] The Financial Services Commission announced on the 19th that the scope of financial MyData information provision will be gradually expanded from the end of this year. The total number of information items is expected to increase significantly from the existing 492 items to 720 items across all sectors including banks, insurance, cards, financial investment, and public sectors.

First, it was decided to provide retirement pension (DB type·DC type) and public pension information. Until now, only individual IRP product information among retirement pensions was provided, but 'retirement pensions as a whole and public pension' information will be added. With the expansion of private and public pension information provision, it will be possible to view all pension information at once.

With this measure, Mr. A can check all pension information at a glance and receive advice from MyData providers that retirement funds may be insufficient after retirement, along with recommendations for pension products with tax deduction benefits, enabling him to establish a stable retirement plan through various retirement financial planning services.

New information such as national tax, local tax, customs tax payment details, and health insurance payment history will also be provided. Various tax arrears and payment statuses, as well as health insurance premium payment details, can be viewed at once, and payment (expected) timing can be guided to help establish payment plans. Using information on diligent payment of taxes and health insurance premiums will improve credit scores for those lacking financial history and increase accessibility to financial products and services.

Information on automatic transfer of deposits and withdrawals and loan product grace periods will also be newly provided. There were some difficulties in managing automatic transfer and loan repayment schedules due to lack of automatic transfer-related information and loan product grace period information in deposit and withdrawal account transaction details. With the addition of automatic transfer information and loan product grace period information, these issues are expected to be resolved.

Insurance information where the contract holder and the insured are different can also be checked. Currently, if the insured is not the contract holder, they could not view their own insurance information, but going forward, the insured who is not the contract holder will be able to view the main contract details and special clauses of their insurance products, such as product name, insurance period, and coverage information.

Insurance for objects or pets, in addition to people, can also be checked. Until now, insurance product information was provided only for personal insurance such as illness and injury and automobile insurance, but property insurance such as house fire and pet insurance as small-amount short-term insurance will be added.

Business registration numbers related to online shopping mall order details will be provided. Until now, online shopping mall order details were categorized into 12 fields (home appliances, books, clothing, etc.) considering privacy protection. In the future, 'business registration numbers of online shopping mall tenants related to order details will be additionally provided → MyData providers can analyze the industry and main products of the business through the business registration number → enabling accurate understanding and analysis of the information subject’s consumption and spending patterns.'

Card payment expected amounts will also be subdivided. Card payment expected amounts (credit sales and cash services) were only provided as a combined amount, and detailed information on card loans was not provided, making precise customer expenditure management analysis difficult. Going forward, card payment expected amounts will be subdivided into lump-sum, installment,·cash service, and detailed information on card loans such as individual repayment amounts, principal, interest, and balance will be provided.

Real-time information provision related to card payments will also be expanded. Until now, card companies’ payment cancellation information was only provided on a monthly basis, causing inconvenience such as customers misunderstanding cancellation and refund details, but going forward, domestic and international card payment cancellations and unauthorized purchases such as postpaid transportation cards, apartment management fees, communication fees, and overseas direct purchases will be able to be checked promptly.

Banking sector trust and ISA information will also be provided. Until now, the banking sector provided information only on deposits, loans, and pension information, and only funds for financial investment products, but from now on, information on trust products and ISA sold by the banking sector will also be provided.

Since the full implementation of financial sector MyData services in January this year, the cumulative number of subscribers has reached about 54.8 million. This is about 3.9 times the approximately 14 million in January 2022. The average daily number of API transmissions increased from 2.74 billion at the beginning of the year to about 3.84 billion currently. The number of MyData service providers has also steadily increased, rising about 1.5 times from 33 companies at the beginning of the year to 52 companies currently.

This content was produced with the assistance of AI translation services.