KT and LG Uplus Obtain Final MyData Licenses Following SKT... Discovering Converged Telecom and Financial Services

[Asia Economy Reporter Oh Su-yeon] KT and LG Uplus have obtained the main license for Personal Credit Information Management Business (MyData) and are launching MyData services.

On the 12th, KT and LG Uplus announced that they had obtained the main license for MyData.

MyData is a service where, upon the consumer's request, MyData providers receive and integrate credit information such as account information and financial consumer information scattered across financial companies and public institutions, providing integrated management and customized benefits.

KT added the MyData business as a new purpose at its regular shareholders' meeting in March and applied for the main license in June. LG Uplus applied for a preliminary license on December 31 last year and, after a business rights review, has now obtained the main license.

KT plans to launch various MyData services that combine telecommunications and financial data based on its artificial intelligence (AI) and big data analysis capabilities.

First, in November, KT is preparing customer convenience services in partnership with major domestic and international online brands. In the future, it plans to introduce telecommunications convenience services such as credit score boosters using telecom data, customized telecom plan recommendations, and usage performance notifications for telecom partnership cards. Furthermore, KT plans to launch a ‘Life Secretary’ service that notifies customers in advance of easily overlooked financial schedules through the analysis of telecommunications and financial data.

LG Uplus plans to open the U+ MyData ‘MoneyMe (tentative name)’ service within the year, which links telecom big data and finance to help customers reclaim missed benefits. ‘MoneyMe,’ which aims to be a ‘service that understands, empathizes with, and helps me,’ will be introduced through the ‘U+ Members app,’ providing personalized customized benefits based on customer data.

LG Uplus has been preparing MyData services that provide benefits customers can tangibly feel by utilizing financial data. MyData is also expected to play an important role in executing the ‘Uplus 3.0 (U+3.0)’ strategy, which expands digital touchpoints with customers and deeply understands customers based on data.

Meanwhile, SK Telecom obtained the first main license for MyData among mobile carriers in July. Last month, it launched MyData services by integrating them into the PASS app.

SKT’s MyData service provides basic asset integration inquiry functions and three-dimensional financial health diagnosis and coaching services through 19 financial indicators. It also offers challenge services that help with daily practice and feed services that deliver necessary information and knowledge in quiz form, enhancing financial problem-solving and fundamental money management capabilities.

SKT plans to expand MyData services into AI-based personalized services by linking them with its AI service A. (A-dot) in the future.

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