Kim Byoung-hwan (김병환), chairman of South Korea\'s Financial Services Commission, said he will soon flesh out and announce a plan to fully lift network separation for financial companies with sufficient AI and security capabilities. He said a closed security system centred on network separation has limits as AI-based cyber attacks become a reality. The commission has eased network separation rules since June for AI security tests and plans more flexibility, while also pursuing tougher accountability for hacking incidents and new legislation.

Toss, Kakao Pay and Naver Pay will be able to use the government’s resident registration card authenticity verification network. Use by electronic financial businesses had been limited due to a lack of legal grounds, but the agreement is expected to strengthen identity checks in non-face-to-face financial transactions. The three companies signed an MOU with the Ministry of the Interior and Safety, the Financial Supervisory Service and the Korea Financial Telecommunications and Clearings Institute, and are included among eligible institutions this year.