A total of 116 Korean companies, including top portals Naver and Kakao, are interested in making business from packaging personal credit information, a new blue ocean to be created thanks to amendments to Korea’s three major data privacy laws, a government survey found Wednesday.

The Financial Services Commission said its pre-license demand survey found 116 companies willful in the new business segment enabling money-making application from collected financial data. Of total, 55 financial companies (47.4 percent) showed strong interest in the new business, 20 fintech firms (17.2 percent) and 41 non-financial companies (35.3 percent) from various industry sectors.

The personal credit information management service, also dubbed My Data business, refers to a business model that collects and integrates personal financial transaction information scattered across banks, credit card issuers, insurers, and telcos, making them available to consumers at a glance. Service providers can make a profit by offering tailored product recommendation and financial counseling based on collected financial data.

A revised credit information act that provides a legal basis for this business model will go into effect on Aug. 5.

The financial policy body is scheduled to hold a forum to discuss expected services, directions, and prospects regarding My Data business on June 30.

By Minu Kim

[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]