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South Korea: FSC releases plan for FinTech and digital finance in 2020

The Financial Services Commission ('FSC') released, on 25 February 2020, its plan for FinTech and digital finance innovation and development for 2020 ('the FinTech Plan'), following the release of the FSC's business plan for 2020. In particular, the FinTech Plan aims to, among other things, improve biometric verification regulations, establish a more robust digital finance user protection system, develop responses to cyber risks, nurture new data-related industries, and enhance the use of financial Big Data.

In addition, the FinTech Plan outlines a more streamlined and unified approach for the management of personal financial and non-financial credit information, including through a more advanced personal credit evaluation system. Furthermore, the FinTech Plan emphasises that information security infrastructure will be made more reliable in order to ensure the protection of data subject rights, and the FinTech Plan also details related measures, such as revising informed consent forms.

You can read the press release and access the FinTech Plan here, both only available in Korean.