Kakao Pay failed to obtain my data permission
[서울파이낸스 김현경 기자] 28 companies, including KB Kookmin Bank and Naver Financial, have obtained their own credit information management business (My Data). Kakao Pay, which attracted attention, did not get permission from the authorities even though it eventually submitted data to prove the soundness of Ant Financial, the second largest shareholder.
The Financial Services Commission held a regular meeting on the 27th and announced that it has given the main permission to all 28 companies that had previously obtained preliminary permission for My Data. In order to obtain My Data permission, capital of 500 million won or more, security facilities, reasonable business plans, etc., and the eligibility requirements of major shareholders must be met.
In the banking sector, 5 companies including Kookmin, Shinhan, Woori, NH Nonghyup, and SC First Bank, and 6 companies including Shinhan, KB Kookmin, Hyundai, Woori, BC Card, and Hyundai Capital were licensed in the credit sector. Mirae Asset Daewoo was included in the financial investment sector, the National Agricultural Cooperative Federation in the mutual financial sector, and the Welcome Savings Bank in the savings bank sector.
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. There are 14 locations including Payco and SK Planet.
In particular, in the case of Naver Financial, the majority shareholder Mirae Asset Daewoo was suspected of violating the Foreign Exchange Transaction Act and faced a crisis of suspension of the examination, but eventually won the original license by reducing the share of Mirae Asset Daewoo.
On the other hand, Kakao Pay did not get permission from the authorities even to submit documents to prove the soundness of China’s Ant Financial, the second largest shareholder. It seems that the second largest shareholder is a Chinese company, and the authorities are cautious about verification.
28 companies that have received this license can officially start My Data service from the 5th of next month.
The financial authorities plan to guide existing business operators who have not obtained this license until the 4th of next month in the direction of making business alliances with other business operators or changing some of their services. In addition, it plans to distribute guidelines related to my data business in next month, and start the preliminary approval process for my data for new demanding companies from March.
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