[Consulting] Business assets and personnel requirements for obtaining the main approval for Personal Credit Information Management Business (My Data). Legal review.

21 years 1 month 27 days, through the regular meeting of the Financial Services Commission, K Bank and 28 other companies obtained self-credit information management business (MyData) core approval.

Law Firm Veat provided legal review services for Company A, one of the fintech companies that received the core approval, regarding the business assets, human resources requirements of MyData business.

Due to the amendment of the “Act on the Use and Protection of Credit Information” (hereinafter referred to as the Credit Information Act), self-credit information management business was newly established. Accordingly, fintech company A requested Law Firm Veat to request business assets, human resources requirements legal review in order to obtain core approval for self-credit information management business (MyData) from the Financial Services Commission.

When Law Firm Veat provided legal review to Company A, a fintech company, the specific requirements were difficult to guide because the amended Credit Information Act, the corresponding executive regulations, and the Decree (Credit Information Supervision Regulations) were not yet finalized.

Since the Financial Services Commission’s application form had not yet been released, it was difficult to provide accurate guidance, but the responsible lawyer at Law Firm Veat provided a comprehensive opinion by referring to existing credit information business approval application forms, etc., so that Company A could obtain core approval for self-credit information management business (MyData).

The 28 MyData companies that received approval from the Financial Services Commission conducted preparations such as building standard APIs and are expected to provide safe MyData services as ‘Guardians of Information Sovereignty’ to consumers. In particular, the Financial Services Commission plans to conduct preliminary approval procedures for companies seeking to enter the MyData industry, and many fintech companies are showing interest.

Law Firm Veat provides more efficient and systematic advisory services to fintech companies that provide new technology-based financial services, including P2P, PG (Electronic Payment Agent), etc., based on a deep understanding of relevant laws and regulations such as the “Electronic Financial Transactions Act,” “Act on the Use and Protection of Credit Information,” and “Act on Promotion of Information and Communication Network Utilization and Protection of Information.”

If you need legal review regarding self-credit information management business (MyData) and fintech business operation, please contact Law Firm Veat.

Thank you. Law Firm Veat.

▶ On behalf of N Co., Ltd. operating a fintech business, we wrote a legal opinion based on reviewing the Capital Market Act and related regulations and provided them in connection with the introduction of new financial services.

▶ On behalf of D Co., seeking to start a fintech business, we provided legal advice regarding ‘legality of fintech business’.

▶ On behalf of M Co., selected as a supplier company (data sales, processing company) for the Data Voucher Support Business, we prepared a legal review confirmation to prove that the data to be distributed by A Co. is free from infringement of copyright, personal information protection law, etc.