Financial Data Sales Reach 2.9 Trillion Won... MyData Subscribers Increase 9 Times

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Last year, sales revenue from financial data-related services reached 2.9492 trillion KRW, marking a 14.6% (375.9 billion KRW) increase compared to the previous year.

On the 13th, the Financial Supervisory Service (FSS) disclosed the business performance of the financial data industry, stating that 13 new financial data-related companies were established last year, bringing the total number of operating companies to 82. The newly established companies last year included 2 credit information companies (CB) for individual business operators and 11 MyData companies.

Sales revenue from financial data-related services has continued to grow annually, with 2.5733 trillion KRW in 2021 and 2.9492 trillion KRW last year. The number of industry workers also increased by 17.2% (709 people) to 4,834 as of the end of last year.

As of the end of last year, a total of 14 CB companies were operating, of which 10 are specialized CBs and 4 are dual-operation CBs. The sales revenue of specialized CB companies last year was 820.3 billion KRW, similar to the previous year, but operating profit decreased by 10.3% due to increased labor costs and depreciation expenses. Net income was 105.5 billion KRW, a 55.1% increase compared to the previous year. However, the FSS added that excluding companies with temporary factors such as lawsuits, the increase was only slight.

The FSS stated, "Although seven CB companies have been newly established in the past two years, they are still in the early stages of business, so it is expected to take some time to establish a business foundation."

There are 64 MyData operators currently in business. As of the end of last year, 60 out of the 64 companies had launched MyData services, and the number of service subscribers increased ninefold to 66.46 million from 7.4 million the previous year. The top three fintech and IT companies accounted for 22.91 million app subscribers, representing 34.5%. In the financial sector, card companies held the largest share with 17.96 million subscribers (27%).

MyData operators recorded sales revenue of 2.128 trillion KRW last year, but most of the revenue was generated from electronic financial income of fintech and IT businesses. Revenue from their core business, integrated credit information management, remains minimal, and they posted losses due to sales expenses aimed at market preemption.

Regarding the four specialized data institutions, the number of data combinations last year totaled 117, a 17% increase from 100 the previous year, but commission income was about 460 million KRW.

An FSS official said, "We will support institutional improvements such as standardizing data management and protection procedures to create a safe environment for data combination and utilization, and revising criteria for evaluating the appropriateness of pseudonymous and anonymous information." They added, "We will also support new business initiatives through reasonable improvements such as relaxing reporting requirements for dual and auxiliary businesses of MyData operators."

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