Business Registration and Tax Payment Information... Government Expands Scope of Public MyData Usage

Use Allowed for Mortgage Loans, Installment Financing, and Credit Guarantees
Expanded Provision of Certificates... Including Business Registration and Tax Payment Information Added

Financial Sector Public MyData Workflow Diagram (Provided by Korea Credit Information Services)

[Asia Economy Reporter Minwoo Lee] The government is expanding the scope of 'MyData' that can be used for credit services in the financial sector. In addition to credit loans and card issuance, public MyData is expected to be utilized in secured loans, installment financing, and credit guarantees.

The Ministry of the Interior and Safety and the Korea Credit Information Services announced on the 30th that they will expand the provision of public MyData that financial institutions can use for credit services starting next month.

Public MyData is a service that, according to the Electronic Government Act, allows administrative and public institutions to provide administrative information dispersed across agencies to the individual or a third party designated by the individual. Through this, financial consumers can reduce the inconvenience of having to directly obtain and submit various documents when conducting financial transactions, and financial institutions can quickly and safely receive the necessary administrative information.

Starting next month, the 'bundled information (public MyData provision unit)' previously used for credit loans will be available for use across all credit services in the financial sector, including secured loans, installment financing, and credit guarantees. The certificates provided will also expand from 5 types from 3 administrative agencies to 29 types from 8 administrative agencies. In addition to the existing income amount certificate (National Tax Service), health insurance qualification and payment confirmation certificates (National Health Insurance Service), and resident registration certificates (Ministry of the Interior and Safety), business registration certificates, national and local tax payment certificates, and other information will be added.

In this regard, the Ministry of the Interior and Safety and Korea Credit Information Services held a briefing session at 2 p.m. today for financial institutions utilizing public MyData. Shin Hyun-jun, President of Korea Credit Information Services, said, "Expanding the provision of public MyData that can be used in credit services, which have high demand from financial consumers, will greatly enhance the benefits for both the public and financial institutions," and added, "We will continue to make our best efforts to ensure that the financial sector can receive public MyData more safely and conveniently."

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