The mydata service usage is becoming more convenient. The number of financial companies that can be consolidated with mydata has significantly increased, and the asset inquiry process will be further simplified.
The Financial Services Commission announced on the 18th that 27 mydata providers will launch mydata 2.0 services starting on the 19th. The scope of financial company consolidation, a key function of the mydata service, is expanding. Previously, there were 50 financial companies that could be consolidated, and users had to select each financial company individually to utilize mydata services. Starting on the 19th, all financial companies will fall within the scope of mydata consolidation, allowing users to see all assets held within the selected sectors, such as banking, insurance, and securities.
User convenience will also be enhanced. Previously, users had to go through a two-step identification verification process for asset inquiries, but after the launch of the 2.0 service, this will be simplified to one step. Furthermore, users will not only be able to inquire about accounts from other financial companies within one financial company application but also process account cancellations. For example, while using the A Bank app, users can cancel a B Bank account and deposit the remaining assets into their other accounts. The validity period for mydata subscription has been extended from the previous one year to a maximum of five years, allowing users to set longer subscription periods without having to repeat the consent process annually.