Kookmin Bank, Naver, etc. 28 My Data Original License Intensifying competition next month

All 28 places that received the preliminary permission for My Data succeeded in obtaining the original license, and the competition began in earnest from next month.

The Financial Services Commission held the 2nd regular meeting on the 27th, and announced that it has decided to license the My Data (personal credit information management business) business for 28 companies that received preliminary permission.

The Financial Services Commission explained that “the 28 places that received this license were companies that previously provided services similar to my data,” and said, “We decided that they could run my data business by meeting the requirements for permission under the Credit Information Act.”

There are six main requirements for my data permission. ▲Minimum capital of 500 million won or more ▲Sufficient security facilities to prevent hacking and perform network separation ▲Service competitiveness, innovation, and consumer protection system ▲Sufficient investment capability ▲Applicant’s executive competence (whether fine or sanctioned) ▲Data processing experience to be.

Initially, the Financial Supervisory Service and the Financial Supervisory Service had a policy to grant original licenses to companies with preliminary licenses unless a special reason for disqualification was found.

Accordingly, a total of 28 companies, including 14 financial companies and 14 non-financial companies (fintech), will be able to start my data business from next month.

▲ 5 banks (Kookmin Bank, Nonghyup Bank, Shinhan Bank, Woori Bank, SC First Bank) ▲ 6 still (Kookmin Card, Woori Card, Shinhan Card, Hyundai Card, BC Card, Hyundai Capital) ▲ Financial Investment 1 ( Mirae Asset Daewoo) ▲ 1 mutual finance (National Agricultural Cooperative Federation) ▲ 1 savings bank (Welcome Savings Bank) ▲ 14 Fintech (Naver Financial, Rainist, Bomap, Pinda, Timwink, Korea Financial Solutions, Korea Credit Data, NHN) Payco, Viva Republica (Toss), Min&G, Kukon, Fintech, Habit Factory, and SK Planet).

The 28 places that have received this permission are planning to provide safe my-data services as’protectors of information sovereignty’ of financial consumers through preparations such as establishment of standard API.

The My Data business enables individuals to check financial information scattered across multiple financial companies at once, and actively manage and control them. You can provide your own financial information to companies to receive customized products or services.

The financial authorities plan to recruit additional companies with preliminary my data preliminary permission from March to new demanding companies.

Shinhan Life Insurance and Orange Life, which are about to launch an integrated corporation in July, are planning to participate in the preliminary licensing screening together. Kyobo Life Insurance, Meritz Fire Insurance, MetLife Life Insurance, and KB Insurance are also waiting for preliminary permission applications. Heungkuk Life Insurance and Lotte Insurance are undergoing a last-minute review on whether to apply.

Meanwhile, Kakao Pay, which is undergoing screening, could not be listed on the list of this time. Hana Financial Investment, Hana Bank, Hana Card, Samsung Card, Kyungnam Bank, and Finck had previously been deferred from preliminary approval.