28 companies such as Kookmin and Naver Financial advance my data… Kakao Pay is’delayed’ (total)

[한국금융신문 한아란 기자]

28 companies, including Kookmin Bank and Naver Financial, received the original license for their own credit information management business (My Data). Kakao Pay was also omitted from the list of main permits as the preliminary license review was delayed due to the issue of eligibility for major shareholders. Accordingly, Kakao Pay’s asset inquiry service, which is used by 15 million people, became inevitable.

The Financial Services Commission held a regular meeting on the 27th and announced that it has granted original My Data licenses to 28 companies. The Financial Services Commission said, “The 28 companies that received this license on this day were companies that previously provided similar services to my data, and they were determined to be able to run their own credit information management business as they have permission requirements under the Credit Information Act.” Explained the background. The My Data business is a service that collects and displays credit information scattered across banks, cards, and telecommunications companies, and provides credit and asset management services. It is attracting attention as a new food for financial companies because it can create various collaboration models.

In order to obtain My Data permission, minimum capital (500 million won or more), security facilities, business plan feasibility, large shareholder/executive qualification, and professionalism requirements must be met. By business sector, Kookmin, Nonghyup, Shinhan, Woori, SC First Bank in the banking sector, and Kookmin, Woori, Shinhan, Hyundai, BC Card, and Hyundai Capital in the specialized credit finance sector received the original license. In the financial investment, mutual finance, and savings banking sectors, Mirae Asset Daewoo, the National Agricultural Cooperative Federation, and the Welcome Savings Bank have passed the examination, respectively. Among fintech companies, the licensed places are Naver Financial, Min&G, Bomap, Viva Republica (Toss), Bank Salad, Kucon, Timwink, Finda, Fintech, Korea Financial Solutions, Korea Credit Data, Habit Factory, and NHN. Payco and SK Planet.

In the case of Kakao Pay, the record of criminal penalties and sanctions of China’s Ant Group (Alipay), which is the second largest shareholder, has not been confirmed, and thus it has not been able to enter the main permit review. It is currently in the preliminary screening stage. Ant Group is the parent company of Alipay Singapore Holdings, which owns a 43.9% stake in Kakao Pay. Earlier, the financial authorities requested Viva Republica and Kakao Pay to supplement and submit the documents necessary for the eligibility screening of major shareholders. Viva Republica supplemented the documents and obtained preliminary permission, while Kakao Pay could not solve the problem related to the eligibility of major shareholders.

Six companies, including Kyongnam Bank, Samsung Card, Hana Financial Investment, Hana Bank, Hana Card, and Finck, have been pending preliminary approval for reasons such as criminal proceedings and sanctions against major shareholders. Of these, Samsung Card’s major shareholder, Samsung Life, was subject to severe disciplinary action in an institutional warning, making it difficult to permit the My Data business for the time being. According to the regulations on the supervision of the credit information industry, if a major shareholder receives more than an institutional warning, he or she cannot enter a business that requires a license for one year.

Naver Financial’s second-largest shareholder, Mirae Asset Daewoo, was in danger of delaying the review of its original license as it was revealed belatedly that Mirae Asset Daewoo was being investigated by the prosecution for violating the Foreign Exchange Transaction Act. However, on the 11th, Mirae Asset Daewoo passed the review by changing the 10,9500 shares of Naver Financial’s common stock into convertible preferred stocks, lowering the stake in the stocks with voting rights from 17.66% to 9.5%. The eligibility test for major shareholders is conducted when 10% or more of the stocks with voting rights are owned.

The 28 companies that received this permission are planning to provide My Data service in earnest by building standard APIs by August 4th. Until then, the existing’screen scraping method’ was mixed. The Financial Services Commission expected that “the right to request interest rate cuts through MyData providers, and the agency to delete and correct information will create a foundation for active information self-determination and provide more systematic asset management services.”

My data providers recommend customized products for each customer with similar usage patterns through machine learning, provide simulation functions for each goal, such as reducing consumption, preparing a home, preparing for the future, and making money, and providing customized asset management services such as presenting financial strategies. I am preparing. We are also promoting life-cycle management services, such as forecasting overdue payments by analyzing cash flows, preventing nonpayment, and supporting year-end settlement through income and consumption details, and specialized services for each life cycle for beginners and retirees.

Even if a service similar to the My Data business has been provided, companies that have not obtained this license from the 5th of next month will be restricted from operating the service. Kakao Pay’s asset inquiry service is also in danger of being stopped. The Financial Services Commission said, “For companies that have not obtained permission, we will minimize consumer inconvenience through partnerships with My Data licensed companies and service reforms.” The Financial Services Commission is planning to distribute guidelines containing the scope of my data information provision, safe data transmission method, and consumer protection measures so that the my data industry can settle smoothly next month. It plans to start the preliminary licensing process in March for new companies.

As companies whose my data screening is suspended due to’major shareholder risk’ are coming out one after another, some of the financial sectors have voiced that the system needs to be improved. The financial authorities may suspend the examination procedures for approval, approval and approval of changes to major shareholders if litigation, investigation, and inspection against financial companies are in progress. It was pointed out that there was an excessive regulation as the examination was suspended even if there was a suspicion of violating the law, and the business was immediately braked. The financial authorities are considering ways to improve the review suspension system.

Reporter Han Aran [email protected]