Discussions are gaining pace in South Korea on enacting a Basic Financial Security Act to guarantee financial access for low-income and low-credit groups. A policy forum in parliament reviewed legal and policy tasks, outcomes of existing programmes, overseas systems and potential economic and social effects. Proposals call for expanding policy-based finance beyond funding to link counselling, debt adjustment, recovery, self-reliance and asset building through a one-stop support system.

South Korea\'s revised Personal Information Protection Act and an amended enforcement decree take effect from Sept. 11, following revisions made in March. The changes introduce punitive administrative fines of up to 10 percent of total revenue for repeated or intentional or grossly negligent personal data leaks, and mandatory fine reductions linked to preventive investments. They also strengthen CEO and CPO responsibilities, expand leak notification requirements and add a new notification regime for leak risks.