SKT Obtains First Full MyData License Among Carriers... Accelerates New Business

Providing Personalized Lifestyle Services through Communication Data and Financial Data

[Asia Economy Reporter Lim Hye-seon] SK Telecom announced on the 7th that it has obtained the official license for Personal Credit Information Management Business (hereinafter MyData), becoming the first domestic mobile carrier to do so. Known as the "financial secretary in your hand," MyData is a service that helps consumers easily manage their credit information (such as financial product subscription details and asset information) scattered across various institutions including financial companies and public agencies at a glance.

SKT plans to differentiate itself from existing MyData operators by providing new lifestyle-oriented customized services to customers using telecommunication data and financial data. SKT obtained the preliminary MyData license in January and immediately applied for the official license. In March, it added MyData-related business to its new business objectives at the regular shareholders' meeting. Previously, SKT signed a contract with SC First Bank to build a dedicated MyData cloud and applied its self-developed cloud solution to Hana Bank's MyData service, accumulating know-how in the related business.

In the second half of this year, SKT will launch an AI-based financial health diagnosis service that automatically assesses an individual's asset management status and proposes prescriptions for asset management. To this end, SKT collaborated with the Korea Financial Planning Association to develop a mobile environment-specialized financial diagnosis tool, reviewed by academic guidelines and Certified Financial Planners (CFP).

Additionally, SKT plans to expand the service area by linking the new MyData service with its representative services such as A.(A.Dot), T Universe T, and Membership.

Jang Hong-seong, head of SKT's Advertising and Data CO, explained, "By obtaining the official MyData license, SKT can utilize its telecommunication data and big data analysis know-how together with financial data."

KT and LG Uplus have also recently obtained preliminary MyData licenses and applied for official licenses. KT plans to provide hyper-personalized services by combining telecommunication, financial, and credit information. LG Uplus plans to offer differentiated financial services such as integrated asset management and expenditure management services using MyData.