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Regulatory Framework in South Korea: Fintech, Employment Law, and Intellectual Property Protection

Regulations

In South Korea, fintech businesses are subject to various laws and regulations. The key regulatory body responsible for overseeing these industries is the Financial Services Commission.

  • Financial Regulation: The Financial Services Commission regulates fintech businesses.
  • Applicable Laws: Fintech businesses are governed by several laws and regulations, including:
    • Banking Act
    • Securities and Exchange Act
    • Electronic Financial Transaction Act
  • Regulatory Approach: A “permit first, regulate later” approach allows companies to research and develop AI technologies without regulatory obstacles.

Accessing Talent

South Korea’s employment law provides a fair and inclusive environment for hiring employees. The key points include:

  • Anti-Discrimination Law: The Framework Act on Employment Policy prohibits discrimination in hiring employees based on factors such as gender, religion, or place of birth.
  • Employment Benefits: Mandatory benefits include:
    • National health insurance
    • Industrial accident compensation insurance
    • National pension
    • Employment insurance
    • Severance pay
    • Paid annual leave
  • Dismissing Employees: Dismissing employees requires a “justifiable cause” with a high burden of proof on the employer.

Intellectual Property Protection

South Korea provides robust protection for innovations and inventions through patent or utility model registration. Additionally, confidential information and data assets may be protected under specific laws.

  • Patent and Utility Model Registration: Innovations and inventions are protected through patent or utility model registration under the Patent Act or Utility Model Act.
  • Confidential Information Protection: Confidential information and data assets may be protected under specific laws.
  • Copyrightable Computer Programs: Copyrightable computer programs may be protected under the Copyright Act.
  • Unfair Competition Prevention: The Unfair Competition Prevention and Trade Secret Protection Act provides measures to prevent misuse of commercial or technical ideas.