Gwangju Bank Obtains First Full License for 'Personal Credit Information Management Business' Among Regional Banks

[Asia Economy Honam Reporting Headquarters Reporter Yoon Jamin] Gwangju Bank (President Song Jongwook) announced on the 14th that it has obtained the full license for MyData (personal credit information management business) for the first time among regional banks at the regular meeting of the Financial Services Commission.

MyData service is a service that collects personal credit information scattered across multiple financial companies based on integrated credit information inquiry and presents it in an easy-to-understand integrated form for the user. Using this, it is possible to provide various ancillary services such as customized asset management services for customers.

Gwangju Bank, which declared its candidacy for the second round of MyData business screening held in April, became the first among the second-round applicant companies to confirm the acquisition of the full MyData license, accelerating its full-scale entry into the MyData business.

In particular, President Song Jongwook showed strong determination for the business by leading the entire process from the start of the MyData business to obtaining the full license.

Building on this license, the development of the MyData service, which has been promoted so far, will gain momentum, and the bank plans to take the lead in supporting convenient financial life by performing the role of a personalized comprehensive financial assistant that helps efficient consumption and expenditure as well as asset management for local residents and customers.

The MyData service will be newly introduced within this year on the Gwangju Bank Smart Banking app (APP).

Through this, assets will be classified into six categories according to their characteristics: ▲cash/accounts ▲investment ▲loans ▲consumption ▲insurance ▲pension, allowing users to check the distribution status of assets from other financial companies at a glance. Transaction history and detailed account inquiries will also be possible.

Additionally, services such as ▲MyData calendar ▲income and consumption status inquiry ▲real estate price inquiry ▲retirement asset planning ▲notifications for financial information, local public benefits, local tourism guides ▲tax-saving product recommendations will be enhanced and gradually added.

President Song said, “As the first regional bank to fully implement the MyData business, we will do our best to provide a high-quality digital financial service that offers new financial experiences in asset management and convenient financial life to local residents and customers.” He added, “In the increasingly competitive environment with fintech and big tech companies entering the financial industry, we will faithfully fulfill our role in regional financial development as a local bank while leading digital innovation to grow into a sustainable 100-year bank.”

Meanwhile, Gwangju Bank is swiftly responding to changes in the digital financial environment by sharing working methods and organizational culture of fintech companies through personnel exchange programs between Gwangju Bank and Toss, as well as President Song Jongwook’s visits to Toss, continuing various activities for digital innovation finance.

Since opening the next-generation IT system in 2018, the bank has been promoting its transition to a digital bank by introducing Paperless Process Reengineering (PPR), Robotic Process Automation (RPA), mobile web banking, robo-advised fund portfolios, and more. It is actively collaborating with fintech companies, such as conducting events that provide Toss Money when opening Gwangju Bank’s ‘Ssolssolhan MY Account’ or ‘Changed Foreign Currency Savings’ on the Toss app, striving to leap forward as a leading digital bank.

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