Financial Services Commission: "116 Companies Wish to Enter MyData Market"

[Asia Economy Reporter Kim Hyo-jin] The Financial Services Commission announced on the 3rd that a total of 116 companies expressed their intention to obtain MyData licenses based on the demand survey conducted from the 14th to the 28th of last month.

The MyData industry is expected to launch in August, based on the revision of the Credit Information Act.

Once the MyData industry is launched, consumers will be able to comprehensively understand and manage their credit information scattered across financial companies, such as financial product subscription details and asset information. Public information, including national and local tax payments and the four major social insurance premiums, will also be included.

Consumers will receive services specialized for them from MyData companies, such as information management, asset management, and credit management. For this reason, it is also called a "financial secretary" or "Pocket Finance."

MyData companies may analyze individuals' card transaction details, insurance information, and investment information to recommend advantageous financial products.

Companies wishing to enter the MyData sector must obtain permission from the Financial Services Commission. To expedite the licensing process as much as possible, the Commission conducted this demand survey.

Among the 116 companies that submitted demand survey forms expressing their intention to obtain licenses, 55 are financial companies, 20 are fintech (financial technology) companies, and 41 are non-financial companies. Demand was identified across various fields such as IT, telecommunications, and distribution.

Based on the demand survey results, the Financial Services Commission plans to conduct preliminary consulting from this month through next month and announce the results of the Data Standard API (Application Programming Interface) working group next month. Additionally, depending on separate demand survey results, a MyData forum for the financial sector is tentatively scheduled to be held on the 30th of this month.