MyData's 2nd anniversary: subscriptions boom but innovation missing

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The number of subscribers to "MyData," a service allowing consumers to manage all of their financial information on a single online platform, is booming, with operators boasting around 10 million subscribers each. Yet, doubts persist about its effectiveness, as it currently only displays customers' financial status without other functions.

According to data submitted by the Financial Supervisory Service to Rep. Choi Seung-jae from the governing People Power Party, Toss leads in MyData service subscriptions, with 14.8 million. It is followed by Kakao Pay with 12.9 million and Naver Pay with 9.2 million.

This indicates that one in 3.5 Koreans has adopted the service in just one year and nine months since its launch.

However, market watchers argue that the service lacks innovation. Due to regulatory constraints, service providers can only display financial information status. As of 2022, 60 service providers have collectively earned 4.6 billion won ($3.9 million). This is a figure that contrasts sharply with market expectations that it would become a new revenue stream for domestic financial firms.

Some attribute the current situation to insufficient policy measures from financial authorities. Companies noted that without a clear billing system for the MyData service, charting a path for business expansion becomes challenging.

"The surge in subscribers indicates the public's anticipation and need for this service," Choi said. "We should work towards nurturing the data industry. Business operators should propose diverse services, financial authorities need to refine relevant regulations, and the adoption of MyData service for individual businesses should be expedited."