Financial Services Commission Receives MyData Applications from 31 Companies... Gwangju Bank and 5 Others Apply for Full Licenses

[Asia Economy Reporter Kwangho Lee] The Financial Services Commission announced on the 23rd that a total of 31 companies have applied for the Personal Credit Information Management Business (MyData) license.

Twenty-five applicants, including Jeonbuk Bank, Industrial Bank, and Daegu Bank, submitted preliminary license applications, while six applicants, including Gwangju Bank, December & Company Asset Management, NICE Information Service, and Korea Credit Bureau (KCB), submitted final license applications.

Applicants who judge that they fully meet the licensing requirements, such as establishing physical facilities, can skip the preliminary license and directly apply for the final license.

By industry sector, 20 financial companies (4 banks, 4 insurance companies, 10 financial investment companies, 2 card and capital companies), 2 credit bureaus, 8 fintech companies, and 1 IT company submitted applications.

The Financial Supervisory Service will review whether the licensing requirements under the Credit Information Act are met, and the Financial Services Commission will decide on the approval.

The financial authorities plan to regularly accept license applications every month to ensure that prospective licensees have maximum opportunities to apply.