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Telecommunications & Media

MNO subsidiaries take nearly half of budget carrier users; experts say fair competition rules must be redrawn

South Korea needs to curb subscriber concentration at MVNO subsidiaries of mobile network operators while strengthening the self-sufficiency of independent MVNOs for the government’s “MVNO 2.0” policy to succeed, participants at a policy seminar said. They cited data showing five MNO subsidiaries account for 47.5 percent of subscribers among 59 MVNO operators. Speakers called for legal and institutional measures, greater transparency and wholesale reforms, and urged a policy shift toward sustainable competition and qualitative growth.

Games & Commerce

Overseas game firms\' domestic agent liability tightened, user protection duties expanded

South Korea\'s parliament passed amendments to the Game Industry Promotion Act to strengthen overseas game firms\' responsibility to protect domestic users. The changes spell out criteria for appointing a domestic agent and require firms to train, monitor and maintain the agent while providing services. The law also adds duties for game-related businesses to protect users from harm and handle complaints, and expands authorities\' power to request data and impose fines.

Finance

Shinhan Bank data leak raises concerns over internal controls

Shinhan Bank confirmed a leak of personal and credit information affecting about 25,000 customers after an abnormal method was used to bypass authentication and access some services. The leaked data include names, phone numbers, annual income and calculated loan limits, as well as 66 resident registration numbers and 97 CI linkage identifiers. South Korea\'s Financial Supervisory Service began an emergency on-site inspection. The incident is expected to raise questions about Shinhan Bank\'s information protection and internal control systems.