FSC Grants Preliminary MyData LicensesDec 22, 2020

The FSC decided to grant preliminary MyData business licenses to twenty-one financial institutions, fintechs and electronic financial businesses out of a total of thirty-five applicants on December 22.

The approved entities were tested on six specific categories, such as the minimum capital requirement, data security capacity, appropriateness of business plan, shareholders’ financial background, board qualifications and professional expertise.

For eight other applicants, application review is ongoing as they are asked to take supplemental actions to meet requirements.

Aside from the approval process, the authorities are working on measures to strengthen consumer protection in MyData sector. The authorities plan to come up with a specific guideline in this regard in February 2021.

* Please refer to the attached PDF for details.