Kakao Pay, Hana Bank, and 4 Other Companies Obtain Full MyData Licenses

Kakao Pay, Hana Bank, Hana Card, Hana Financial Investment, Fink, Gwangju Bank Obtain Full Licenses

[Asia Economy Reporter Jin-ho Kim] Kakao Pay and Hana Bank have successfully obtained the full license for Personal Credit Information Management Business (MyData) after numerous difficulties.

The Financial Services Commission announced on the 13th, during a regular meeting, that it granted full MyData licenses to six companies including Kakao Pay, Hana Bank, Hana Card, Hana Financial Investment, Fink, and Gwangju Bank.

MyData refers to the ability to collect and manage one's credit information scattered across banks, insurance companies, and card companies in one place. Service providers can recommend financial products favorable to customers, and customers can more easily compare financial products subscribed to by consumers similar to themselves.

Previously, Kakao Pay failed twice to receive a preliminary license because its second-largest shareholder, Ant Group, was found not to have been sanctioned by Chinese regulatory authorities. As a result, some asset management services have been suspended since February, but with the acquisition of the full license this time, service resumption is expected.

Hana Bank, Hana Financial Investment, Hana Card, and other affiliates of Hana Financial Group had been hampered by litigation risks stemming from the Choi Soon-sil scandal. Civic groups such as the People's Solidarity for Participatory Democracy had filed complaints against Hana Financial regarding preferential loans for Jung Yoo-ra and preferential promotions of Lee Sang-hwa, former head of KEB Hana Bank.

Earlier, in January of this year, the Financial Services Commission also granted full MyData licenses to 28 companies. Among banks, five institutions including Kookmin Bank, Nonghyup Bank, Shinhan Bank, Woori Bank, and SC First Bank were named. Additionally, six credit finance companies including Kookmin, Woori, Shinhan, Hyundai, BC Card, and Hyundai Capital, as well as Mirae Asset Daewoo, Nonghyup Central Financial Investment, and mutual finance companies also succeeded in obtaining full licenses.

Many fintech companies such as Naver Financial, Min&Ji, Bomap, Viva Republica (Toss), Bank Salad, Kukon, TeamWink, Finda, Fintech, Korea Financial Solutions, Korea Credit Data, Habit Factory, NHN Payco, and SK Planet were also included.