Hana Bank, Card, etc. MyData Permission Review Suspension Lifted... New Permission to Proceed on 23rd Next Month

[Asia Economy Reporter Kwangho Lee] The financial authorities have decided to lift the suspension on the review process for the Personal Credit Information Management Business (MyData) license applications submitted by Fink, Hana Financial Investment, Hana Bank, and Hana Card, and to resume the review. Additionally, starting from the 23rd of next month, the new licensing procedures for Personal Credit Information Management Business, Non-financial Specialized Personal CB Business, and Individual Business Operator CB Business will commence.

The Financial Services Commission announced on the 31st during its regular meeting that it has resolved to resume the license review for six businesses whose Personal Credit Information Management Business license reviews had been suspended.

However, Kyongnam Bank will continue to have its license review suspended due to the ongoing second trial of its major shareholder's criminal case, and Samsung Card will also continue suspension because of ongoing major shareholder sanction procedures (with prior notice of expected sanctions from the FSC).

The financial authorities plan to conduct strict review procedures for the businesses whose license reviews have resumed and proceed with preliminary license deliberations within the review period.

Even if a license is granted as a result of the review, conditional licensing will be pursued to prevent potential issues if disqualifying facts regarding the major shareholder are confirmed after licensing.

In addition, to fundamentally improve the licensing suspension system across the financial industry, a market-friendly improvement plan for the financial industry licensing suspension system will be promptly prepared and implemented.

Starting next month, new licensing procedures for data industries in the financial sector, including MyData, Specialized Personal Credit Evaluation Business, and Individual Business Operator Credit Evaluation Business, will be conducted.

On the 23rd of next month, license review documents for MyData, Specialized Personal Credit Evaluation Business, and Individual Business Operator Credit Evaluation Business will be accepted, and from April onwards, new licenses will be regularly accepted on the third week of each month at one-month intervals to reduce uncertainty for applicants and enable prompt license reviews.

For the MyData industry, which has high licensing demand, the second license review briefing session will be held online on the 16th of next month.

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