Financial Services Commission Grants MyData Business Licenses to 28 Companies Including Kookmin Bank and Naver... Additional Applications Accepted in March

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[Asia Economy Reporter Wondara] The Financial Services Commission has granted full licenses for personal credit information management services (MyData) to 28 companies, including Kookmin Bank and Naver Financial.

On the 27th, following the results of the second regular meeting, the Financial Services Commission announced that it decided to grant full MyData licenses to 28 companies, including Kookmin Bank. The Commission explained, "The 28 companies receiving full licenses today are firms that have been providing similar MyData services, and they meet the licensing requirements under the Credit Information Act, so we judged that they can operate MyData businesses."

The 18 MyData companies licensed today include 5 banks (Kookmin Bank, NongHyup Bank, Shinhan Bank, Woori Bank, SC First Bank), 6 credit card companies (Kookmin Card, Woori Card, Shinhan Card, Hyundai Card, BC Card, Hyundai Capital), 1 financial investment company (Mirae Asset Daewoo), 1 mutual finance company (NongHyup Central Association), and 14 fintech companies (Naver Financial, Min&Ji, Bomap, Viva Republica, BankSalad, Kukon, TeamWink, Finda, Fintech, Korea Financial Solutions, Korea Credit Data, Habit Factory, NHN Payco, SK Planet).

These companies must build a standard API by August 4 and will begin providing full MyData services. The Financial Services Commission plans to distribute MyData business guidelines in February and start accepting additional preliminary MyData license applications from March. The Commission stated, "As the 'guardian of information sovereignty,' we will provide safe MyData services."

Meanwhile, from the consumer perspective, the MyData business offers convenience by consolidating scattered financial information for management, along with ▲ customized asset management such as improving financial product returns ▲ lifestyle financial management including delinquency prediction and year-end tax settlement support ▲ lifecycle management such as credit information advice for young adults ▲ one-stop online refinancing loans ▲ and additional services like financial fraud prevention. From the business perspective, operators can gain benefits such as recommending financial products using user data.