Financial Authorities to Start Accepting Pre-Applications for MyData Preliminary Approval from Tomorrow

[Asia Economy Reporter Kim Hyo-jin] The Financial Services Commission and the Financial Supervisory Service announced on the 12th that they will accept preliminary applications for MyData pre-licenses in the financial sector from the 13th of this month until the 4th of next month.

The financial authorities plan to review licensing requirements before the formal preliminary license application is submitted. The preliminary license pre-application is intended to facilitate a smooth licensing process in the future and has no legal effect. The formal preliminary license application will proceed after the 5th of next month.

The financial authorities intend to mainly consider the applicant's preparation status, balance among financial companies, big tech, and fintech firms, whether MyData services have been launched and operated as of May 13, the feasibility of the business plan, physical requirements, and other licensing requirement preparations when granting MyData business licenses.

Companies that launched MyData services before May 13 will be regarded as "existing MyData business companies" and will be given priority review.

The financial authorities expect that the MyData licensing process, including preliminary and final licenses, will take at least about three months. They plan to conduct reviews in batches, with up to 20 companies per batch. For example, the first review could be from August to October, the second from November to January next year, and the third from February to April next year.

To ensure fairness and objectivity in the review process, the Financial Supervisory Service will establish an external evaluation committee. This committee will consist of experts from various fields such as management, IT/security, and consumer protection.

Once the MyData industry is launched, consumers will be able to understand and manage their credit information scattered across financial companies at once, including financial product subscription details and asset information. Public information such as national and local tax payments and the four major social insurance premiums will also be included.

Consumers will receive services specialized for them, such as information management, asset management, and credit management, from MyData companies. For this reason, it is also called a "financial secretary" or "Pocket Finance."

MyData companies may analyze individuals' card transaction details, insurance information, investment information, etc., and recommend advantageous financial products. In a MyData licensing demand survey conducted by the financial authorities last May, 116 companies expressed their intention to apply for licenses.

This content was produced with the assistance of AI translation services.