Following the Internet specialty bank, the eligibility screening of major shareholders is taking a considerable blow to companies despite the approval of My Data (own credit information management business).
Kakao Pay and Finck are providing asset management services, which are services in the same context as My Data. However, the two companies have to stop the service from midnight on February 5th because they cannot obtain My Data authorization due to the issue of eligibility for major shareholders.
The two companies that have put their lives and deaths on related businesses are complaining of difficulties in corporate management.
On the 29th, Kakao Pay is preparing to notify customers about the suspension of its asset management service. On the 4th, Finck sent a message to customers stating that the integrated asset management service could be discontinued from February 5.
Kakao Pay and Finck said, “Companies that have not obtained My Data authorization cannot provide similar services from midnight on February 5th.” “He said.
Kakao Pay applied for My Data authorization and was reviewed, but it was not confirmed as it was not confirmed whether it was sanctioned by the People’s Bank of China of Ant Financial, the second largest shareholder.
Ant Financial owns a 43.9% stake in Kakao Pay. If Ant Financial has a history of sanctions in China, the my data authorization review will be stopped at all in accordance with the credit information industry supervisory regulations.
Fink’s judging has been suspended indefinitely. Hana Financial Group, the largest shareholder with a 51% stake in Finck, is proceeding with a criminal lawsuit.
The number of users who used Kakao Pay and Finxer’s asset management service is about 16 million, and 16 million customers are lost to competitors. Officials from Kakao Pay and Finck said, “It wasn’t creating a service that wasn’t there, and we suddenly stopped the service because our customers are using it well. It’s important to gather customers early as this is the first market where My Data opens. It is frustrating if we can secure competitiveness with it.”
In particular, in the case of My Data this time, there is a situation where there is a place that cleverly escaped the law and has taken over, and there is also a situation where there is a backlash. In the case of Naver Financial, there was a high probability of not obtaining My Data authorization due to the record of violation of the Foreign Exchange Transaction Law by Mirae Asset Daewoo, the second largest shareholder. Mirae Asset Daewoo lowered its stake in voting rights, and Naver Financial received its own price. In addition, although Mirae Asset Daewoo violated the Foreign Exchange Transaction Act, major shareholders (Mirae Asset Capital, etc.) have no reason for disqualification, so they acquired My Data’s own price. In other words, it proved that the eligibility test for major shareholders is not a perfect criterion for evaluating a company’s management transparency.
However, it was not that the eligibility screening of the major shareholders of the My Data License was a problem. The same situation was reenacted at an internet-specialized bank that wanted to secure competitiveness by increasing players in the banking industry. K-Bank has been turned into a plant bank because it has not been able to issue a capital increase for more than a year due to the record of violation of the Fair Trade Act by KT, the largest shareholder.
The Financial Services Commission communicated the intention to cooperate with the two companies with My Data licenses as an alternative to close the service gap. Kakao Pay and Finck are strongly opposed to this policy as’desk administration’. An official of the company criticized, “It makes sense to give money to an affiliate and share our data, but it makes sense.”
The financial network, which announced that it would make it possible to experience innovative financial services with my data, became confused as the service interruption became a reality. With Naver Financial and Mirae Asset Daewoo, the Financial Services Commission internally sees them as’institutional flaws’. Currently, the Financial Services Commission is working on improvement by forming a task force on screening items necessary for new approval procedures such as eligibility for major shareholders.
However, the Financial Services Commission is emphasizing that it is enforced in accordance with the current law (credit information law) created from the viewpoint of consumer protection. “It is a service that handles personal information,” said Hyung-ju Lee, head of the Financial Innovation Planning Commission of the Financial Services Commission. “It is a necessary procedure from a consumer protection perspective.”