Kakao Pay Obtains Full MyData License... Resumes Asset Management Services

On the 13th, the Financial Services Commission's regular meeting will present the main approval agenda
Resumption of asset management services halted for five months

[Asia Economy Reporter Kiho Sung] Kakao Pay, which has 36 million members, has received approval from financial authorities for MyData (personal credit information management business). Accordingly, the asset management service, which had been suspended for five months, is expected to resume.

On the 13th, the Financial Services Commission announced through its regular meeting that the final approval review for MyData of six companies including Kakao Pay, Hana Bank, Hana Card, Hana Financial Investment, Fink, and Gwangju Bank had passed. Accordingly, Kakao Pay announced the resumption of its asset management service on the same day, and the service is scheduled to restart from tomorrow morning.

Kakao Pay obtained a preliminary MyData license in mid-May and then applied for the final MyData approval. The Financial Services Commission plans to include the final MyData approval review agenda in its regular meetings, which are usually held every two weeks, for discussion.

Kakao Pay has faced a thorny path to obtaining the final approval. Since the preliminary approval stage in December last year, issues regarding major shareholders began to arise. During the process of verifying whether Ant Group, the second-largest shareholder, had been sanctioned in China, Kakao Pay experienced difficulties. As a result, it failed to properly submit the documents required for the financial authorities' review, raising concerns about the eligibility of its major shareholders. Kakao Pay was the only big tech company that did not pass the review hurdle. Toss and Naver Financial were included in the list of final MyData approvals in January this year. Meanwhile, Kakao Pay, which did not receive the final MyData approval, had suspended its asset management service since February 5.

A Kakao Pay official stated, “The existing asset management service will be opened sequentially to provide smooth service,” and added, “All Kakao Pay users will be able to experience an advanced financial lifestyle through the MyData environment we will create.”

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