FSC Korea Launches Task Force on Identity Verification Systems

Source: Regulation Asia Editors, Regulation Asia 2020-06-09

The FSC supports the development of innovative authentication mechanisms that can provide convenience, safety and security in electronic financial transactions.

South Korea’s FSC (Financial Services Commission) has launched a new task force to come up with a new regulatory framework for personal authentication and identity verification systems.

The initiative follows the passage of the revised Digital Signature Act on 20 May at the National Assembly, which paves the way for “vibrant competition” between diverse authentication services, the regulator said.

The FSC says it will support the development of diverse types of innovative authentication mechanisms that can provide convenience, safety and security in electronic financial transactions.

The task force will also work on creating a multi-level identification system commensurate with the different levels of importance and complexity in electronic financial transactions.

The FSC held its first task force meeting on Monday (8 June) to discuss policies on technological neutrality, development of a distinct industry field, and data security in financial services.

FSC Korea Launches Task Force on Identity Verification Systems

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