Pilot Service for 17 MyData Operators to Begin Next Month

[Asia Economy Reporter Dongwoo Lee] Starting from the 1st of next month, 17 major financial companies and some fintech firms will conduct pilot services for the Personal Credit Information Management Business (MyData) using the API (Application Programming Interface) method.

According to the Financial Services Commission on the 29th, these businesses will begin the pilot service from 4 PM on the 1st of next month, ahead of the full implementation of the API-based MyData service on January 1st of next year.

In the banking sector, six banks including KB Kookmin, Shinhan, Woori, Hana, NongHyup, and Industrial Bank of Korea will participate, while in the financial investment sector, three companies including Kiwoom Securities, Hana Financial Investment, and NH Investment & Securities will conduct the service.

In the card sector, five companies including KB Kookmin, Shinhan, Hana, BC, and Hyundai Card will participate. The mutual finance sector will be represented by NongHyup Central Association, and the fintech and IT sector will include two companies, BankSalad and Fink.

Major big tech and fintech companies such as Naver Financial and Kakao Pay, along with other banks and card companies totaling 20 firms, also plan to participate in the pilot service sequentially next month.

Accordingly, it is expected that additional system improvements can be finalized before the full implementation, and the traffic burden on information providers can be distributed.

In fact, the businesses currently scheduled for the pilot service are correcting errors through testing before the service launch, so based on common error fixes, the testing period for later service providers is expected to be shortened.

Additionally, 16 MyData operators plan to participate in the first half of next year after developing related systems and mobile applications. Ten preliminary license holders who have not yet obtained full licenses are expected to participate in the second half of next year after completing the full licensing procedures.

For MyData information providers, starting from the 1st of next month, information from large financial and telecommunications companies with high consumer usage frequency will become available.

From January 1st next year, information from most regulated financial companies excluding loan companies, medium to large loan providers, and the National Tax Service will be available. The Financial Services Commission plans to provide information such as national tax payment details from the National Tax Service, local tax payment certificates from the Ministry of the Interior and Safety, and information on about 800 small loan companies during the year.