It was confirmed on the 30th that LG Uplus has returned its license for personal credit information management business (MyData) to the financial authorities. LG Uplus reported the closing of its MyData service to the financial authorities on the 23rd. It has been 2 years and 7 months since obtaining the full license from the Financial Services Commission in October 2022.
Earlier, LG Uplus ended its financial MyData service 'MoneyMe' on April 30. MoneyMe is a MyData service that utilizes customers' financial and communication data to analyze lifestyle habits and recommend personalized benefits.
This year, there are four companies, including LG Uplus, that have withdrawn from the MyData business. FnGuide, NHN Payco, and KB Fintech have also ceased their MyData operations this year. Last year, HnR, December & Company, and 11th Street returned their MyData licenses.
MyData is a service that helps asset and credit management by consolidating personal credit information in one place, analyzing financial status and consumption patterns, and recommending suitable financial products. Financial consumers can integrate and view their information at a glance through MyData without needing to individually access each financial company's application.
Since the implementation of MyData billing in January last year, many corporations have begun withdrawing from the business due to decreased profitability. MyData billing refers to the costs incurred from the transfer of information received by a business from institutions such as financial companies, telecommunications companies, and electronic payment service providers (PGs). Until 2023, there were no established criteria for billing, but standards were developed last year.
A person in charge of the MyData business at one financial company noted, "There are many complaints from businesses regarding the recent implementation of MyData 2.0," and added, "I understand that most telecommunications companies intend to withdraw from the MyData business."