Shinhan Card and Hankyung Credit Information Business Preliminary License Obtained

[Asia Economy Reporter Kwangho Lee] The Financial Services Commission held its 13th regular meeting and announced on the 13th that it has granted preliminary approval for Shinhan Card and Korea Technology Credit Rating to operate credit information businesses.

Shinhan Card applied for preliminary approval with the purpose of operating a personal business credit evaluation service using payment information from its affiliated merchants, while Korea Technology Credit Rating applied for preliminary approval to operate a technology credit evaluation business that assesses corporate credit status and technological value using patent information data from its parent company, Wizdomain.

Both companies were judged to meet the requirements under the Credit Information Act, including the suitability of major shareholders, and are expected to be able to provide their services.

This preliminary approval is the first case following the subdivision of credit information businesses and the easing of entry regulations under the revised Credit Information Act, and it is expected that more sophisticated and diverse credit evaluation systems for personal businesses and technology companies will be established in the future.

A Financial Services Commission official said, "We expect this to drive the development of the financial industry by creating various financial products tailored to the risk characteristics of each borrower and to invigorate the domestic economy."

The Financial Services Commission will also proceed with the review process promptly and sequentially for other applicant companies and will continue to accept new applications every month.

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