OK Savings Bank is entering the personal credit information management business (MyData). In the savings bank industry, it is the second after Welcome Savings Bank.
According to the financial sector on the 30th, OK Savings Bank recently applied to the financial authorities for full authorization to operate MyData. Typically, after receiving an application for full authorization, the financial authorities hold a regular meeting within one to two months to decide whether to approve the business. A decision on whether OK Savings Bank will receive full authorization for MyData could come as early as the first quarter of next year.
OK Savings Bank is said to be preparing to launch a MyData service through collaboration with group and partner companies. MyData is a service that gathers scattered personal credit information in one place, shows it, and analyzes a user's financial status and spending patterns to recommend suitable financial products. Financial consumers can use MyData to view, at a glance, their financial information scattered across each financial company in an integrated way. They can also receive recommendations for financial products that fit their financial information.
In the savings bank industry, Welcome Savings Bank is the only one running a MyData business. Welcome Savings Bank unveiled "Welcome MyData" in 2022 and, three years after launch, recorded 1.5 million users and 8 billion won in cumulative revenue.
OK Financial Group, the parent company of OK Savings Bank, said last year that it returned all lend business licenses to the financial authorities and would step up to become a comprehensive financial group. Entering the MyData market is also to grow into a comprehensive financial group. OK Financial Group plans to expand affiliates such as OK Savings Bank, OK Capital, which focuses on corporate finance, and OK Invest Partners, which operates the simple payment service "OK Pay," and to broaden its business scope by pursuing acquisitions of new financial companies, including securities firms and asset management companies.