Hyundai Motor Securities Obtains Preliminary Approval for MyData License

[Asia Economy Reporter Ji-hwan Park] Hyundai Motor Securities has obtained a preliminary license for MyData (Personal Credit Information Management Service) from the Financial Services Commission.

According to the Financial Services Commission on the 14th, at the regular meeting held the day before, it approved preliminary licenses for the MyData business to four companies, including Hyundai Motor Securities. MyData is a business that collects customer information scattered across multiple places with the customer's consent to provide personalized financial services. The approval is determined through six evaluation criteria: capital requirements, physical facilities, feasibility of business plans, suitability of major shareholders, eligibility of the applicant's executives, and expertise requirements.

Since forming a dedicated task force (TFT) in October last year, Hyundai Motor Securities has been fully committed to preparing for the MyData business, including building related systems. Earlier in June, it signed an MOU with 'Fount,' the nation's top robo-advisor company, to collaborate on hyper-personalized financial services and digital business.

Hyundai Motor Securities plans to lower customers' investment entry barriers through robo-advisor-based product recommendation services and personalized customer services. In particular, it plans to launch a separate MyData-dedicated app to offer differentiated MyData services.

A Hyundai Motor Securities official said, "As the asset management market grows, the MyData business for securities firms will become a necessity rather than a choice," adding, "With the approval of this preliminary license, Hyundai Motor Securities plans to accelerate efforts to obtain the full license."

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