Approval Review for MyData of 6 Companies Including Gyeongnam Bank Put on Hold

[Asia Economy Reporter Kim Hyo-jin] The Financial Services Commission decided on the 18th at its regular meeting to suspend the approval review for the personal credit information management business (MyData) of six financial companies.

These include Gyeongnam Bank, Samsung Card, Hana Financial Investment, Hana Bank, Hana Card, and Fink.

The FSC explained, "It was confirmed that criminal lawsuits and sanction procedures are ongoing against the major shareholders of the applicants, so the period during which such lawsuits and procedures are ongoing will be excluded from the review period (60 days). The approval review will resume immediately once the reasons for suspending the review are resolved."

The FSC plans to consider measures to minimize consumer inconvenience, such as supporting business partnerships with fintech companies and other operators, in case these financial companies fail to obtain MyData approval by February next year.

MyData is a business that displays scattered personal credit information at a glance and provides services such as recommending customized financial products based on this information.

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