Naver, Kakao, Toss fail identification verification review
Posted : 2021-03-10 09:08 By Kim Bo-eun
Major tech firms Naver, Kakao and operator of the financial platform, Toss, Viva Republica, face a delay in entering the identification verification business, as they failed to be designated by the government as entities able to carry out the process.
The Korea Communications Commission (KCC) on Monday stated that the three companies did not pass a screening for the identification verification, which is used to allow access to various online processes. Under the current system, verification is carried out by through mobile phone or credit card numbers. The three telecom companies, SK Telecom, KT and LG Uplus, are the only entities in the business.
Banksalad outruns Toss in MyData business
Posted : 2020-12-23 16:03
By Park Jae-hyuk
Rainist, the operator of personal finance managing app Banksalad, is threatening the dominance of Viva Republica, operator of the mobile money transfer payment app Toss, in the nation s fintech market, after winning preliminary approval for a MyData license first.
The two fintech firms were among the 29 financial services companies that had applied for the license which enables them to receive their customers credit information from conventional financial firms, so that customers can access all their financial information in one place.
The Financial Services Commission (FSC) postponed giving a preliminary approval to Viva Republica, Tuesday, asking the company to submit documents necessary for the regulator to screen the eligibility of its major shareholders. If the fintech firm fails to get approval for the license, it will no longer be able to provide most of its current services from Augus