The amendment introduces new rights for data subjects, such as the right to data portability, and the right to object to automated decision-making.
March 9, 2023Among the key tasks in the workplan, the FSS will work to strengthen governance structures, compensation systems, and internal control capabilities of banks.
February 10, 2023MyData, Korea’s version of open banking, will be extended to small businesses, allowing credit providers to access to more data to make lending decisions.
February 6, 2023The FSS will develop billing standards and retroactively calculate fees MyData service providers will have to pay in 2024 for their usage in 2023.
January 17, 2023More granular information on SMEs will be added to the public credit registry. Additional measures will enhance competition in the credit rating market.
December 29, 2022The measures include new funding for innovative firms, regulatory relaxations, and improvements to the sandbox programme.
December 15, 2022The MyData service will be expanded to include information on tax payments, public pensions, loan deferrals, and more insurance data.
October 26, 2022Vice chairman Kim So-young said the FSC will remove barriers that prevent financial services firms from making use of big data and AI technology effectively.
August 9, 2022The committee is expected to ease rules for banks on investments in non-financial businesses, improve ESG disclosure rules, overhaul capital markets infrastructures.
July 21, 2022The FSC will prohibit MyData services providers from buying and selling consumer data, and start conducting post-licensing inspections to ensure adequate protections are in place.
April 15, 2022