On January 9, 2020, the National Assembly of Korea passed the “Three Data Act” of Korea. Implementation of the Act shall begin in June of 2020. The Korean Three Data Act iterates protections for, in general: personal information; information and communication; and business & individual credit information. IPG shall be writing more on this data protection issue over the next couple of months, please check back for more details.
Three Data Act of Korea
According to an article entitled the “Major Revisions and Significance of The Three Data Act” from the Legal Times, there are four major changes.
“1. The personal information system shall be clearly divided into three sub-categories: personal information, pseudonym information, and anonymous information. Specifically, for pseudonym information, detailed regulations shall be established.
2. The Personal Information Protection Commission’s role shall be changed to a unified supervisory organization over all personal information.
3. All provisions related to providing personal information to telecommunication service providers under the Information and Communication Network Act shall be deleted and transferred to Personal Information Protection Act.
4. Credit Information Act, which previously only applied to financial institutions, shall now apply to general commercial enterprises.”
http://www.legaltimes.co.kr/news/articleView.html?idxno=50866
The Korea Chamber of Commerce and Industry notes that “Data is like the crude oil of the 4th Industrial Revolution, and it will help companies identify and respond to customer demands and market trends early, in addition to developing new business models in new industries such as big data and artificial intelligence.”
The Korea Fintech Industry Association, additionally, sees opportunities for business in Korea. The Association noted that: “If legal and institutional foundations related to financial technology are established for growth and innovation, Korea’s fintech technology based on technology capabilities and ICT infrastructure will eventually drive Korea’s future growth.”
IPG sees loosening of some regulations and formalizing of other market practices may be an opportunity for some companies doing business in Korea. If you are interested in more information on big data-related opportunities in the Korean market, we suggest setting up a call with IPG.
by Jimin Ryu
