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Korean business circles welcome data deregulation

A South Korean business association has welcomed on Friday the passage of three revised bills that ease regulations on the use of personal information.

A day earlier, the National Assembly passed the revisions of three bills related to the promotion of information and communication networks, personal information protection and credit information protection in a plenary session. They were proposed in November 2018. 

Korea Chamber of Commerce and Industry Chairman Park Yong-maan (Yonhap)
Korea Chamber of Commerce and Industry Chairman Park Yong-maan (Yonhap)


“Data is like crude oil in the fourth industrial revolution. The amendment will not only develop new business models in new industries such as big data and artificial intelligence but will also help companies identify and respond quickly to customer demand and market flows,” said the Korea Chamber of Commerce and Industry.

Through the amendment, information that cannot identify individuals can be used in financial and research areas without consent.

The association has also called for the acceleration of the follow-up measures, such as the amendment of decrees on data utilization and protection, saying Korea is behind its competitors, such as the US and China. 

By Shin Ji-hye (shinjh@heraldcorp.com)

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