Between regulation and innovation: Stakeholder interests in the governance of the financial MyData ecosystem in South Korea

MyData has emerged as a paradigm of data sovereignty, granting individuals authority over the access, transfer, and use of their personal information. By positioning the financial sector as the first domain for MyData implementation, the Korean government accelerated a large-scale restructuring of data flows, business models, and regulatory responsibilities. This transition provides a valuable empirical opportunity for examining how key stakeholders (including financial regulators, banks, fintech firms, and platform providers) managed conflicts of interest, and coordinated incentives during the execution process. This study applies social representations theory to investigate stakeholder perceptions of financial MyData through semi-structured interviews and core–periphery analysis. The results show that financial authorities emphasize governance and risk management, banks prioritize compliance and revenue concerns, and technology firms focus on market entry and user value. Stakeholders also attribute regulatory constraints to different sources, revealing divergent perceptions of responsibility and highlighting the need for stakeholder-specific policy interventions. Despite shared regulatory concerns, the findings expose fundamental tensions in stakeholders’ institutional priorities. By uncovering these interpretive differences, the study advances understanding of MyData governance and offers practical insights for fostering its long-term sustainability.