South Korea's financial regulator said Thursday it will consider gradually adopting US-style data-sharing regulation to make it easier for firms to collect and use personal information.
The move is aimed at meeting rising demand for new technologies such as the Internet of Things and big data analytics, the Financial Services Commission said in a statement.
In South Korea, people are asked in advance if financial institutions can use their personal data. They can either agree to or reject the collection of their personal data for wider usage and if they refuse, such information cannot be shared with a third party.
Under the US-style data-sharing regulation, however, firms can collect and use some "non-essential" personal data without their initial consent, according to the FSC. Instead, they are given the right to opt out such use of their details.
The FSC said the nation's regulation on personal data could undermine the development of new technologies in South Korea, citing financial services based on the Internet of Things that constantly collect and update users' information.
Financial authorities have also planned to allow private firms to gain access to some credit information while minimizing the risks of privacy data breaches.
Under the plan, financial authorities will allow private financial firms and research companies to collect data on people's financial transactions, including their history of debt-repayment and car insurance, from the second half of this year. (Yonhap)