Five Companies Including Daegu Bank Obtain Full MyData Licenses

Shinhan Financial Investment and Two Other Companies Receive Preliminary Approval

[Asia Economy Reporter Kim Jin-ho] Five companies, including Industrial Bank of Korea, have successfully obtained the full license for Personal Credit Information Management Services (MyData).

On the 8th, the Financial Services Commission held a regular meeting and approved the full licenses for five companies: Industrial Bank of Korea, Daegu Bank, Korea Investment & Securities, Kiwoom Securities, and LG CNS. Three companies, Shinhan Investment Corp., NH Investment & Securities, and KB Securities, obtained preliminary licenses.

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

A Financial Services Commission official stated, "We will proceed with the review process promptly and sequentially for other applicant companies as well."