Ubivelox Enters MyData Business... Launches Comprehensive Financial Platform 'Acha' Service

[Asia Economy Reporter Oh Ju-yeon] Ubivelox announced on the 19th that it will launch the comprehensive financial platform service 'Acha'.

The Acha service is a MyData business that allows users to view and manage all their personal financial information at a glance by their own choice. It enables much more convenient access to financial information than before and allows users to selectively enjoy advantageous services and products anytime and anywhere.

The MyData business has recently gained attention in the market in line with the untact era. Through amendments to the three data-related laws (Personal Information Protection Act, Credit Information Act, and Information and Communications Network Act), from this month, businesses can integrate and manage financial information with the individual's consent.

In the pre-license demand survey conducted by the Financial Services Commission in May, a total of 119 companies, including Ubivelox, Toss, Kakao Pay, Naver Financial, as well as banks, card companies, and securities firms, participated. In the future, companies with licenses must mandatorily share financial information if there is individual consent.

The most important aspect of the MyData business is security. Ubivelox has supplied core security products for payment authentication systems such as EMV, USIM, and Hi-Pass smart cards to domestic and international banks, card companies, telecommunications companies, and public institutions for 20 years. It is the number one company in Korea that develops and supplies the systems necessary for issuing and operating these cards.

Han Mi-young, head of Ubivelox's Acha service team, said, "Acha is a service that integrates personal expenditure management, allowing users to check credit and debit cards, banks, insurance, taxes, and other expenses, and to see at a glance the level of consumption relative to their current personal assets." She added, "Based on this data, we plan to upgrade the service to recommend the most efficient financial products according to future consumption patterns."

Han also stated, "Our goal is to obtain MyData business approval by October, complete electronic financial business registration by December, and from January next year, expand the application of open banking APIs using our own authentication method."

Meanwhile, Ubivelox is also showing strong performance. According to the half-year performance announcement this year, sales decreased by 7.6% compared to the previous year, but operating profit increased by 23.6%, exceeding market expectations.

A company official said, "The newly launched MyData business will initially focus on service stabilization and increasing the number of subscribers, but once the service is firmly established and linked products start to be released, we expect rapid growth."

Kim Jae-kwan, Executive Director of Ubivelox's Smart Finance Business Division, said, "We are firmly maintaining the number one domestic market share and have newly started a commission business by supplying and issuing local currency cards together with local currency operators earlier this year. We are also developing Local EMV card technology standards and products to be applied to all domestic credit card companies, aiming for release in August next year."

Kim added, "By entering the financial MyData business through the Acha service, we have expanded our business portfolio from B2B to B2C. We are confident this will be a foundation for continuous growth."

Ubivelox has Thinkware, which has map and location-based big data processing capabilities, as an affiliate company, and NHN, which owns Payco and NHN Korea Cyber Payment, participates as the second largest shareholder.