FSC Korea Opens Applications for New MyData Licences

Source: Regulation Asia Editors, Regulation Asia 2020-07-14

MyData businesses will allow financial firms and fintechs to offer financial advice to customers using the data they make available through the MyData platform.

South Korea’s FSC (Financial Services Commission) on Monday (13 July) announced the opening of the preliminary application process for MyData businesses.

MyData businesses will allow financial firms and fintechs to offer financial advice to customers using the data they make available through the MyData platform

Applications are open until 4 August, ahead of the Credit Information Use and Protection Act taking effect on 5 August.

The Act, passed in January, will enable consumers to manage their personal credit information and financial products across different financial firms from within a single platform.

The licensing process will start in August. The FSC will process 20 applications every three months, with the review committee made up of outside experts.

MyData

FSC

FSC Korea Opens Applications for New MyData Licences

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