Kakao Pay, whose largest shareholder is China's Ant Group, to obtain preliminary permission for MyData

기사입력 : 2021-05-13 09:54

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Kakao Pay. Provided by Kakao Pay; resale and DB storage prohibited

Kakao Pay, whose major shareholder is China's Ant Group, has received a preliminary license for its personal credit information management business (MyData).

The Financial Services Commission held a regular meeting on Wednesday and said, "It is determined that it will be possible to operate MyData service by meeting the requirements of the Credit Information Act, such as eligibility of major shareholders."

Kakao Pay has been providing MyData-like services before the revised Credit Information Act was implemented, but has stopped some of its asset management services since Feb. 5.

This is because the review was delayed for more than several months because there had been no document to confirm whether the Chinese Ant Group, which is the major shareholder of Kakao Pay, has been subjected to sanctions or criminal penalties by the Chinese financial authorities.

Ant Group is a company that owns Alipay Singapore Holdings, which owns a 45% stake in Kakao Pay.

The Financial Services Commission and the Financial Supervisory Service recently received a reply from the Chinese financial authorities. Kakao Pay is expected to apply for a license to the Financial Services Commission during this month.

MyData is a service that collects personal credit information scattered around financial companies in one place and shows them to the person.

By Global Economics Reporter Chul Min