The FSC decided to grant a preliminary MyData business license to Kakao Pay on May 12.
The authorities decided that Kakao Pay meets the financial, professional and other infrastructure-related requirements needed to operate a MyData business, including a minimum capital of KRW500 million, etc. It is expected that Kakao Pay will apply for a final license approval within May this year.
The authorities plan to promptly move along the licensing process for prospective MyData businesses to help improve convenience for financial consumers.
* Please refer to the attached PDF for details.
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