Financial Supervisory Service Holds Briefing for MyData Operators... "Regular Submissions on the Last Friday of Every Month"

[Asia Economy Reporter Kiho Sung] On the 16th, the Financial Supervisory Service (FSS) held a licensing briefing session for new MyData business operators. Through the briefing, the FSS provided guidance on the MyData license application process, schedule, and review directions, and held a Q&A session.

The briefing was conducted online, with about 140 participants including representatives from 57 companies (two participants per company).

The FSS announced that license applications will start being accepted on the 23rd, and thereafter, regular applications will be accepted on the last Friday of every month. Reviews will be conducted as applications are received, but the order of license granting each month will be determined based on the adequacy of preparation rather than the order of application submission.

Additionally, companies that self-assess that they meet all licensing requirements, including facilities and personnel, at the time of application may skip the preliminary license and apply directly for the main license.

It was also stated that companies who believe they fulfill all licensing requirements, such as facilities and personnel, at the time of application can omit the preliminary license and apply for the main license directly.

Companies that fail the review may reapply. However, it was emphasized that since failure may negatively affect the company's reputation, it is necessary to apply for the license after thorough preparation.

The FSS said, "To create a virtuous cycle of competition among MyData operators, the emergence of diverse services, and increased consumer benefits, we will strictly screen out unqualified entrants while allowing well-prepared businesses to enter promptly," and urged, "Companies wishing to obtain a MyData license should apply carefully after sufficient preparation."

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