[서울신문] Naver Knight Rehabilitation… Kakao is in danger of stopping asset management

My data is approved even in the controversy over Naver’s major shareholders
Kakao stops service on the 5th of the new month if it does not pass

The two biggest platform companies in Korea, Naver and Kakao, have mixed joys over the My Data (personal credit information management) business, a new food in the financial sector. Kakao Pay, who has not obtained a business license, must stop its asset management service from the 5th of next month.

The Financial Services Commission held a regular meeting on the 27th and granted My Data business permission to all 28 companies subject to the main license review. There are 5 banks including Kookmin, Nonghyup, Shinhan, Woori, and SC Cheil, 14 Fintech including Naver Financial and Viva Republica (Toss), and 9 other industries including Kookmin Card and Mirae Asset Daewoo.

They will start related projects in earnest from the 5th of next month. The My Data business is a service that collects and provides financial consumer transaction information scattered across banks, cards, insurance, and telecommunications companies so that they can be viewed at a glance, and recommends suitable products.

Naver Financial has been revived. The possibility of suspension of the permit review was discussed as the company’s major shareholder Mirae Asset Daewoo was recently investigated by the prosecution for violating the Foreign Exchange Transaction Act. However, Mirae Asset Daewoo announced that it would lower its stake to 9.5% by changing some of Naver Financial’s common stock into convertible preferred stocks without voting rights, and the financial authorities accepted it and won the business right.

On the other hand, Kakao Pay drank gourd. The company has not even received a preliminary license because the history of sanctions against China’s Ant Financial, a major shareholder, has not been confirmed.

The problem is that Kakao Pay is already using My Data to provide similar services. Through the asset management service, the company can inquire transaction details such as deposits and withdrawals and loans of several banks, and card usage details at once. In addition, the’Mini Safe’, which pays 0.6% of the annual deposit fee on a weekly basis, even if it is stored in a separate account for one day, was so popular that deposits of more than 110 billion won were collected in two months.

Kakao Pay’s position is, “As the review is pending due to the issue of the majority shareholder, please allow the existing service to continue.” However, if the Financial Services Commission notifies of service interruption in principle, it will seek alternatives, such as continuing business in partnership with a My Data licensed company.

Reporter Yoo Dae-geun [email protected]