PeopleFund, First Online Investment Company to Obtain Preliminary 'MyData' License

[Asia Economy Reporter Song Seung-seop] Online investment-linked finance company PeopleFund announced on the 16th that it has obtained the industry's first preliminary license for the 'Personal Credit Information Management Business (MyData)'.

MyData refers to a business that collects customer information scattered across various financial companies to provide customized financial services. PeopleFund plans to acquire the official license later to propose mid-interest loan products based on MyData, and to strengthen activities supporting individual risk management and sound financial activities. It also intends to provide services that compare and analyze personal financial information and accelerate projects to revitalize a consumer-centered MyData ecosystem.

Since early this year, PeopleFund has been preparing the physical requirements such as IT systems, security frameworks, and facilities for the MyData business. About a month after official registration, on July 30, it submitted the MyData business application to the Financial Services Commission (FSC), and participated in the D-Testbed pilot project hosted by the FSC in September under the 'Credit Evaluation Advancement' category. It obtained the preliminary license following the regular FSC meeting held on the 12th.

Jung Seung-woo, head of the A&I Group overseeing the development and advancement of alternative credit evaluation models, stated, “We have started preparations aiming to obtain the official MyData license early next year,” and emphasized, “By applying the MyData business, we will create the best alternative credit evaluation model in Korea and lead the fintech industry.”

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