South Korea seeks to reform consent framework for personal credit information
( June 16, 2026, 07:42 GMT | Official Statement) -- MLex Summary: South Korea’s financial regulator is considering changes to the consent framework governing the use of personal credit information through possible revisions to the Credit Information Use and Protection Act. The Financial Services Commission said Tuesday that it has launched an advisory panel to examine the current consent-based regime and explore reform options. Experts on the panel said the existing framework relies too heavily on consumer consent for data processing, resulting in lengthy and complex consent forms and limiting financial institutions’ ability to adapt to AI-driven technologies. The panel agreed that the regime should be made more flexible to facilitate the use of AI and data-driven services. The FSC said it will work with the advisory panel to develop draft amendments to the act.Statement is attached (in Korean)....
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