Kyobo Life Insurance Applies for MyData Full License... Strengthening Collaboration with Startups

On the 7th, Pyeon Jeong-beom, President and CEO of Kyobo Life Insurance (right), signed a strategic business agreement (MOU) with Hwang Cheol-ju, Chairman of the Korea Youth Entrepreneurship Foundation, at the Kyobo Life Insurance Building in Jongno-gu, Seoul.

[Asia Economy Reporter Oh Hyung-gil] Kyobo Life Insurance announced on the 8th that it has applied for the main permit to advance its financial MyData business.

Having obtained the preliminary permit for the financial MyData business from the Financial Services Commission last month, Kyobo Life Insurance plans to be the first insurance company to provide financial MyData services to customers once it secures the main permit.

Additionally, on the 7th, Kyobo Life Insurance signed a strategic business agreement (MOU) with the Korea Youth Entrepreneurship Foundation to promote the MyData business and support the nurturing of innovative startups.

The foundation is a non-profit corporation established with funding from the Ministry of SMEs and Startups, providing mentoring and youth startup support programs to foster entrepreneurship among young entrepreneurs.

The two organizations will form a consultative body to jointly discover ideas for financial MyData services and collaborate in various areas such as supporting promising startups and investment.

Kyobo Life Insurance is preparing customer-centric services. It plans to offer systematic financial education services incorporating humanities elements based on customers' financial literacy. It also plans asset management services based on life planning.

A Kyobo Life Insurance official stated, "Our goal is to launch innovative financial MyData services by discovering ideas from the field and excellent startups," adding, "We also plan to proactively respond to the public healthcare MyData sector."

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