Financial Services Commission Grants Preliminary Approval for KakaoPay MyData

[Asia Economy Reporter Park Sun-mi] Kakao Pay has received a preliminary license for the Personal Credit Information Management Business (MyData).

On the 12th, the Financial Services Commission held its 9th regular meeting and announced that it had granted Kakao Pay a preliminary license to operate MyData services. The FSC judged that Kakao Pay, which had been providing similar MyData services, met the requirements under the Credit Information Act, including the suitability of its major shareholders, and could operate MyData services.

Kakao Pay had applied for a preliminary license for the MyData business last year, but the review was put on hold because it could not confirm whether its second-largest shareholder, China's Ant Group, had been sanctioned by regulatory authorities.

Kakao Pay is expected to apply for the full license from the FSC within this month. If so, it is anticipated that the MyData service could resume as early as the end of this month or by June at the latest.

An FSC official stated, "We will promptly proceed with the MyData licensing process for companies that have applied for preliminary and full licenses, including Kakao Pay, which has received the preliminary license."

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