Korea MyData Service Cancellation: How to Withdraw Consent and How It Compares With US Plaid Revocation

What does it mean to cancel a Korean MyData service?

Canceling a MyData service means ending the link that lets a fintech app pull your account, card and loan data from Korean financial institutions, and withdrawing the consent that created the link. In practice you do it inside the app’s MyData or consent menu, or by reviewing your requests on the national MyData portal.

If you live in Korea or have Korean accounts, this probably applies to you more than you think. Apps like Toss, KakaoPay, Banksalad and bank apps with MyData features all depend on the same legal mechanism: you ask your banks and card companies to send your data to a licensed MyData operator. That request is called a transfer request in the law. Withdrawing it is the clean way to stop the flow.

This guide is written for expats and US readers who are used to thinking about Plaid, Mint-style aggregators and bank-connected apps. I have not opened every Korean app’s settings, so I describe where to look and what to search for rather than promising exact button names. Menu labels in Korean fintech apps change often. Where I could not confirm something from an official source, I say so.

A practical way to start is an inventory. Write down every finance-related app on your phone, then mark which ones show your balances from other banks. Those are the ones using MyData in Korea or an aggregator in the US. Anything you have not opened in three months is a candidate to cancel. The fewer live connections you have, the smaller the surface if one provider is breached or changes its terms, and the easier it is to answer a simple question later: who can still read my accounts?

One more habit helps. When you sign up for a new Korean fintech app, read the consent screen instead of tapping through. Look for separate boxes for the data transfer, for sharing with third parties, and for marketing. If they are bundled together, take a screenshot. That screenshot makes a later cancellation or deletion request much easier to describe to support staff, especially if you are writing in a second language.

How does Korea’s MyData system differ from US open banking?

Korea’s system is a legal right with a licensing regime behind it, and the rules are written in a statute. The US system is mostly built on private aggregator contracts and bank agreements, with the federal rule still unsettled.

In Korea, the Credit Information Use and Protection Act (Article 33-2) gives individuals the right to ask financial institutions to transmit their personal credit information to themselves or to designated recipients such as licensed MyData operators. You can read the current statute text at the Korea Ministry of Government Legislation’s law portal. The system went through an upgrade, often called MyData 2.0, that took effect on June 19, 2025, according to the Financial Services Commission.

In the US, there is no single right in force yet. The CFPB’s Section 1033 rule on personal financial data rights has been tied up in litigation and reconsideration. The latest secondary reports I found say a federal court has blocked enforcement and the agency is rewriting the rule. Check the CFPB’s personal financial data rights page for the current status, because this is moving. I cover the US mechanics in more depth in Open Banking in the US.

Feature	Korea (MyData)	United States (aggregators)
Legal basis	Statute (Credit Information Act) and licensing	Mostly contracts; CFPB 1033 rule unsettled
Central place to review requests	National MyData portal	None; app by app, plus aggregator portals
Who holds your data	Licensed MyData operators	Aggregators such as Plaid and the fintech app
Typical way to stop sharing	Cancel service or withdraw transfer request	Revoke in the aggregator portal or the bank
Regular transfer pause	Stops after six months without login (per FSC)	Varies by app and bank

Where do I find my Korean MyData consents in one place?

The MyData portal operated by the Korea Credit Information Services is the closest thing to a single dashboard. A major Korean bank’s terms notice describes it as the web service of KCIS’s MyData support center, handling registration of providers and services and bulk lookup of customers’ transfer requests.

The address is mydatacenter.or.kr. Type the address in yourself rather than clicking a search ad, since lookalike sites are a recurring problem with financial portals everywhere. You will likely need identity verification, which can be a hurdle for newer arrivals without a Korean phone number or certificate. I could not open the portal from my environment to confirm its current menus, so I can only say the commonly described flow is this:

1. Log in with identity verification.
2. Open the page that lists your transfer request history.
3. Pick a service you no longer use.
4. Choose withdraw or cancel, and confirm the item disappears.

Some blogs say the portal is run by the Financial Security Institute. From what I found, the portal belongs to KCIS, while the Financial Security Institute wrote the technical guidelines that include a section on withdrawing transfer requests. Mixing them up leaves you calling the wrong help desk.

How do I cancel inside Toss, KakaoPay, Banksalad or a bank app?

Look in settings or the full menu for MyData, linked institutions, or personal information management, and look for a cancel or withdraw option there. I did not test each app, so treat the table below as search hints rather than a click-by-click path.

App type	Where to look first	Words to search for
Toss	Full menu or settings	MyData, linked financial institutions, consent
Banksalad	Settings, my information	MyData, cancel service, withdraw consent
KakaoPay	Assets or settings	MyData, linked assets, personal information
Bank apps with MyData	Menu, personal information	MyData management, withdraw transfer request
Card company apps	My page, settings	MyData service, third-party sharing withdrawal

If you cannot find it, use the app’s search bar for “MyData cancel” (the Korean word is 마이데이터 해지) or ask support. News coverage of the 2025 upgrade said users can check their enrolled services and third-party sharing in one place through the MyData Pocket service or the operators’ apps, and cancel individual services or withdraw third-party consent.

Expats often find the English menus lag the Korean ones. If the English version is missing an option, switch the app language to Korean temporarily and use the Korean keywords above.

Why is deleting the app not enough?

Deleting the app only changes your phone. The consent you gave and the data the company stored live on its servers, and marketing consent may continue too.

A 2024 report by SBS described complaints that users of one app kept receiving messages after deleting it, because MyData-related consent was bundled into sign-up. That is a past article about one company, and policies may have changed since. The lesson holds anyway: cancel inside the service first.

What you did	Link to your banks	Stored data	Marketing messages
Deleted the app only	May remain	May remain	May continue
Canceled the MyData service	Ended	Depends on company policy	Withdraw separately
Canceled, then closed the account	Ended	You can request deletion	Usually stop

What happens to my data after I withdraw?

Withdrawal stops future transfers. It does not by itself prove that data already collected has been erased.

A 2021 report on the regulator’s guidance said that stored credit information should be fully deleted when a user leaves a service. I could not confirm how that rule is worded today, so do not rely on it alone. After you cancel, do three things: read the privacy policy for retention periods, ask customer support in writing whether your data was deleted, and keep the reply. Some records can be kept longer if a law requires it.

For US readers, this is the same posture you would take with an app you disconnect from Plaid. Disconnecting stops new pulls, but the app may still hold what it fetched. The data breach class action settlement guide shows why leftover stored data matters when a company is later breached.

Does Korea turn off unused MyData connections automatically?

Partly. The Financial Services Commission’s MyData 2.0 announcement said regular data transfers stop for users who have not logged in for six months. It also set the default transfer cycle to weekly, with users able to choose cycles up to about a month, and let consent periods run in one-year steps up to five years instead of one year.

Some news reports also mention automatic deletion after a year of inactivity. I could not find that in an official text, so treat it as unconfirmed.

A paused connection is not a canceled one. If you log in again, the link may come back. The only way to be sure is to cancel it yourself.

How does this compare with revoking Plaid or another aggregator in the US?

The steps are similar in spirit but live in different places. In the US you usually revoke through the aggregator’s consumer portal, through your bank’s connected-apps list, or inside the app itself. In Korea you can use the app, and there is also a national portal.

For a US connection built on Plaid, the aggregator publishes its own consumer-facing guidance at Plaid’s consumer portal, where you can see and disconnect linked apps. Banks differ: some offer a connected-apps screen, some do not. If you carry both a US and a Korean setup, as many expats do, maintain a simple list of what is connected where.

Cross-border financial lives add a reporting angle too. If you hold Korean accounts as a US person, keep the FBAR and foreign account reporting rules in mind. Data-sharing settings do not change those obligations. For help comparing Korean accounts you might connect to an aggregator, see best savings accounts in Korea and, for card choices, best credit cards in Korea for expats.

What is the most common mistake expats make?

The most common mistake is treating an uninstall as a cancellation. Here is a composite example, not a real person.

An expat on a work visa in Seoul tried two budgeting apps for a month, kept one, and deleted the other from the phone. Months later a message from the deleted app arrived in her Korean messaging app, and later she found the old app still listed on the MyData portal. She had never canceled the service or withdrawn the request, and she had not turned off marketing consent.

The fix was slower than the original job would have been. She reinstalled the app, logged in, canceled the MyData service, withdrew marketing consent, and asked support in writing to confirm deletion. Doing it in that order the first time would have taken a few minutes.

What should I check before and after I cancel?

Check what stops working before you cancel, then confirm the result afterward.

Before: note which features will stop (cross-institution balance views, spending categories, automatic alerts), and export or screenshot anything you want to keep, like monthly spending summaries. For remittance-heavy users, see international money transfer fee comparison before changing which apps you rely on.

After:

1. Confirm the service no longer shows up in the app or on the portal.
2. Screenshot the cancellation confirmation.
3. Turn off marketing consent separately.
4. Ask support whether stored data was deleted and save the reply.
5. Re-check the portal a couple of months later.

I have not run this five-step list across every Korean app. It is a sequence designed to leave few gaps, so follow an app’s own instructions if they differ.

This article is general information, not legal or financial advice. Korean MyData rules, app menus and portal screens, and the US CFPB rule status change over time, and this guide reflects publicly available sources as of October 2026. Verify details on the official Korean and US agency pages and with your providers.