이 기사는 2021년 09월 13일 07:54 thebell 에 표출된 기사입니다.

LG CNS, a South Korean system integration company, has received a MyData business license from the country’s financial regulator, the company said last Wednesday, as it steps up efforts to expand into new businesses ahead of its planned initial public offering.


The Financial Services Commission has granted MyData business licenses to 45 companies to date, with most of them consisting of financial services and fintech companies. LG CNS is the only company from the information technology sector.

The business license allows a company to provide individuals with services that collect their own financial data scattered across financial institutions and other organizations.

“The MyData business is expected to create synergies with our core businesses such as artificial intelligence, data science and digital transformation,” an official at LG CNS said.

LG CNS plans to extend its MyData business to include not just financial data but non-financial information such as location and the Internet of Things after the agreement of clients, a strategy that would differentiate the company from other players in the MyData market. It will also provide data analysis services to enterprises through the so-called open MyData platform.

Entering the MyData business is part of efforts by the company to find future growth drivers as it plans to go public. LG CNS in July started a process to prepare for an IPO. While the timing has not been decided yet, many expect it to happen in 2023.

South Korean conglomerates’ system integration units, such as LG CNS and Samsung SDS, have grown with their revenues heavily dependent on affiliates of each group. They generate stable revenues and profits, but at the same time have limited growth potential.

LG CNS needs to create a strong and convincing equity story for a successful IPO, and has been focusing on exploring future growth drivers. The company earlier this year launched task forces to develop the MyData business and the ecommerce logistics business.

Meanwhile, LG CNS is in the process of exiting the renewable energy business. Sejong Green Power Corp, a subsidiary of LG CNS, was recently liquidated. The company also disposed its stakes in Petroconergy and Ulleungdo Natural Energy Company. (Reporting by Seul-gi Kim)