'MyData' Fintech Companies... Concentrated in Series B and Above Firms

[Asia Economy Reporter Park So-yeon] Most fintech companies licensed for personal credit management business (MyData) are small and medium-sized enterprises that have received Series B or higher investments. There are concerns that an excessive focus on capital criteria has led to the neglect of early-stage innovative companies.

According to the investment industry on the 23rd, among the 21 fintech companies licensed as MyData operators, most have received Series B or higher investments.

Seven companies correspond to Series B, including Habit Factory, TeamWink, Bomap, Pinsetn, IGNet, BankQ, and Finda. Four companies have received Series C investments, including Moni, UbiVelox, Fint, and FnGuide.

Ten companies have reached the Series D to pre-IPO stage, including Toss, Naver Financial, BankSalad, Payco, KakaoPay, Min&Ji, Korea Credit Data, Kukon, SK Planet, and Fink.

A total of 45 companies, including 21 fintech firms, have received full MyData industry licenses and are currently providing services.

Adding 11 companies that have received full licenses but are still preparing services and 10 companies with preliminary licenses, a total of 66 companies are expected to provide MyData services in the first half of the year.

In practice, the MyData industry is led by financial companies or fintech companies originating from financial-related services.

Within the industry, there is a growing call for expanding the entry of early-stage innovative companies into the MyData industry to advance the data industry, which is called the crude oil of the digital economy utilizing artificial intelligence.

An industry insider said, "It is unfortunate that early-stage companies are even being blocked from participating in testbeds using data," adding, "Rather than capital requirements, it is the trustworthiness in data information processing, network separation, and safety requirements that should be considered to give early-stage companies opportunities to participate, which is the right policy direction for the overall industry development."