Financial Services Commission Conducts Preliminary Demand Survey for MyData Operators

[Asia Economy Reporter Kim Hyo-jin] The Financial Services Commission announced on the 13th that it will conduct a preliminary demand survey for two weeks from the 14th to the 28th in anticipation of the establishment of the Personal Credit Information Management Business (MyData) with the enforcement of the revised Credit Information Act in August.

MyData refers to the industry that collects personal credit information according to the exercise of rights by the credit information subject and provides the collected information for the credit information subject to inquire, view, and so on.

All companies wishing to operate a MyData business in the financial sector must obtain permission from the Financial Services Commission. They must meet requirements such as a minimum capital of 500 million KRW, physical facilities, major investor qualifications, and the feasibility of the business plan.

Reference / Changes in the Financial Industry Due to the Amendment of the Credit Information Act (Provided by the Financial Services Commission)

The Financial Services Commission will decide on the permission based on the applicant's possession of safe data utilization capabilities. There is no limit to the number of MyData licensees, and multiple licensees within a single financial group or holding company are also allowed.

Due to high interest in the MyData industry and expected high demand for licenses, the Financial Services Commission decided to conduct a preliminary demand survey and preliminary consulting. This aims to prevent excessive delays in the licensing schedule caused by concentrated examination demand and to minimize uncertainties related to licensing.

Applicants wishing to obtain a license should fill out the preliminary demand survey form and submit it via email (mydata@fss.or.kr). The Financial Services Commission plans to hold a licensing briefing session for those who submit the preliminary demand survey form next month and conduct preliminary consulting between June and July.