SK Planet, which operates the integrated mileage program "OK Cashback," has returned its MyData license, a personal credit information management business license, to the financial authorities. SK Planet obtained the license and began the service at the early stage of MyData's introduction in 2021.
According to the financial authorities on the 19th, SK Planet submitted a business closure report for MyData to the Financial Services Commission (FSC) on the 12th. SK Planet runs OK Cashback and the e-wallet "Syrup." In Jan. 2021, it received full authorization for MyData from the FSC and launched the service in Dec. of the same year.
MyData is a system that allows people to check and use information about themselves, which is scattered across multiple corporations and institutions, all at once. 11Street, an e-commerce company incorporated as an SK Planet subsidiary last month, also ended its MyData service last year. Currently within SK Group, SK Telecom is operating a MyData service.
This year alone, including SK Planet, LG CNS, LG Uplus, FnGuide, HN Payco, and KB Fintech have withdrawn from the MyData business. The reason corporations are shutting down MyData services is that the revenue model is unclear compared with the expense.
According to the Financial Services Commission (FSC), the cumulative losses over the past three years for businesses participating in MyData are estimated at a total of 324.1 billion won. Under the MyData billing standard implemented in Jan. last year, businesses must pay a usage fee each time they receive data from financial companies. As a result, the more users there are, the greater the expense burden on businesses becomes.