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South Korean fintech firms could face same notification requirements as credit card companies

By Jenny Lee ( August 3, 2022, 09:48 GMT | Insight) -- South Korean fintech firms such as Naver Financial, Kakao Pay, Toss, and NHN Payco could soon be subject to the same notification regulations as credit card companies, as the financial regulator attempts to boost consumer protection. A recent amendment to the Financial Consumer Protection Act's decree that was put out for public comment by the Financial Services Commission, introduces notification obligations for electronic payment services and pre-paid means.South Korean fintech firms such as Naver Financial, Kakao Pay, Toss, and NHN Payco could soon be subject to the same notification regulations as credit card companies, as the financial regulator attempts to boost consumer protection....

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