Shinhan Life Obtains Full License for 'MyData (Personal Credit Information Management)'

[Asia Economy Reporter Changhwan Lee] Shinhan Life announced on the 9th that it has obtained the full license for the ‘MyData (Personal Credit Information Management Business)’ from the Financial Services Commission.

MyData is a business that collects dispersed personal credit information of customers in one place to provide customized financial services. Shinhan Life, having obtained a preliminary license for the MyData business in June last year, has now acquired the full license to commence the business in earnest. As a result, four group companies of Shinhan Financial Group (Shinhan Bank, Shinhan Card, Shinhan Investment Corp., and Shinhan Life) will participate in the MyData business.

Shinhan Life plans to provide optimal customized financial services by utilizing customers’ existing financial information and current status of guaranteed assets. In addition to the essential MyData service of integrated asset inquiry, it is preparing an interactive reward service that sets asset formation plans according to lifestyle and awards points based on achievement.

Customized services will also be provided, such as suggesting the necessary coverage amount by life cycle based on an analysis of subscribed insurance coverage. Based on the Rountinary service that encourages customers to achieve self-set goals, it will introduce a service that analyzes not only financial assets but also guaranteed assets according to the customer’s life journey, enabling stable life planning.

Choi Seunghwan, Head of Digital Innovation Group at Shinhan Life, said, “With the acquisition of the full MyData license, we can now integrate various financial data according to the customer’s life cycle,” and added, “Going forward, based on our know-how in insurance services, we will provide new and differentiated value to customers through life cycle customized services that combine finance and healthcare.”