Toss Insight Publishes Report on the Evolution of MyData and the Future of Data Governance

• First installment in the "Toss Business Insights" series examines how data sovereignty and data utilization can coexist
• Reviews the achievements and future challenges of Korea's MyData framework

Toss Insight, the research institute of Toss, announced the publication of a new report titled Understanding MyData: Current Status and Future Directions. The report provides a comprehensive analysis of the development and evolution of the MyData framework from financial, industrial, and policy perspectives, as data increasingly becomes a core resource in economic activity.

The report examines MyData not simply as a financial service, but as a new governance model that enables individuals to exercise meaningful control over their personal data. It reviews the progress of Korea’s MyData framework since the revision of the country’s three major data laws in 2020, highlighting how the system quickly gained traction in the financial sector and, by 2025, expanded into non-financial industries. The report offers a balanced assessment of both the achievements and limitations of the framework.

In addition, the report compares policy approaches adopted by major economies around the world and identifies three broad governance models: government-led, private sector-led, and public-private partnership frameworks.

According to the report, the key achievements of Korea’s MyData system include strengthened rights for data subjects, increased innovation in data-driven industries, and improved financial inclusion. At the same time, it identifies several areas requiring further attention, including streamlining consent procedures, strengthening the effectiveness of data portability rights, expanding flexibility in the use of pseudonymized data, advancing data-sharing infrastructure, and establishing sustainable business models.

Based on these findings, the report argues that governments and private-sector stakeholders should work together to build a balanced data governance framework in which data sovereignty and data utilization reinforce one another rather than compete.

Through this publication, Toss Insight aims to provide a multidimensional assessment of the policy achievements and international standing of Korea’s MyData framework, serving as a reference for future strategies in the data economy.

“MyData represents more than a mechanism for transferring data—it is a new paradigm that strengthens individual rights while fostering innovation across industries,” said Kihoon Hong, Head of Research at Toss Insight. “We hope this report contributes to the sustainable development of Korea’s MyData framework and to ongoing discussions around global standards for data governance.”