Source: AdobeStock / Alexandr Blinov
In an official announcement, Hyundai Motor Securities, one of South Korea’s biggest securities providers, explained that it will add info on its customers’ crypto holdings to its MyData asset management platform.
MyData is a much-hyped new service in the South Korean financial sector. The service comprises government-regulated platforms that allow individuals to view all of their assets and liabilities on a single platform. This means that even if customers have accounts at multiple banks, in addition to stocks – and now crypto – they will be able to view them all at once via such a platform.
Only a few licensed business operators in the financial sector are allowed to offer MyData services, which are monitored by the regulatory Financial Services Commission.
Hyundai Motor Securities’ own MyData platform is named The Herb, and the firm stated that the new partnership would allow crypto users to check on transaction details, account statuses, and market prices for selected coins. The firm also indicated that it would become the first securities firm in the nation to offer such crypto market monitoring functions in such a manner.
The company added that “customers who invest in digital assets” would be able to “easily manage” their crypto holdings via The Herb.
The move is the first major development from Hyundai Motor Securities and Bithumb since the two parties signed a “business partnership agreement” in June this year.
MyData services have already sparked some privacy concerns in South Korea. Late last year, the neobank service Naver Financial accidentally allowed the financial data of some 100 of its customers to leak online while it was testing its own MyData service.
Last month, multiple media outlets suggested that the crypto exchange giant FTX was eyeing a deal to buy a stake in Bithumb. The company has been for sale for several months but has struggled to find a buyer, with a number of high-profile deals falling through at the negotiations stage.