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.