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Fintech

Financial regulators to tighten protection of PG settlement funds, cancel licenses or registrations after repeated suspensions

South Korea\'s financial authorities will strengthen protection for settlement funds held by payment gateway (PG) firms and tighten soundness rules to prevent a repeat of the TMON and WeMakePrice non-settlement incident. PG firms will be required to have settlement funds managed externally through bank deposits, trusts or payment guarantee insurance, with the external management ratio rising to 100 percent from the third year. Capital requirements and disclosure rules for large operators will be raised, and repeated business suspensions within five years could lead to license or registration cancellation.

Games & Commerce

Jeong Woo-jin of NHN set for fourth term after record annual operating profit

NHN will submit an agenda item at its March 26 annual general meeting to reappoint CEO Jeong Woo-jin as an inside director. Jeong has led NHN for 12 years since taking office in 2014. The company posted its highest annual operating results since a split, with revenue rising 2.5 percent to 2.5163 trillion won and operating profit returning to 132.4 billion won. NHN is also preparing six new game launches.

Games & Commerce

Kookmin University centre report warns of Online Platform Act side effects, urges self-regulation

A Kookmin University Platform SME Research Center report said policy on online platform regulation should move away from a regulation-focused approach and toward self-regulation that supports industry competitiveness. The report analysed platform regulation from an industry-structure perspective and reviewed the impact of introducing rules based on cases from six countries including the European Union. It said regulation abroad reduced consumer convenience and efficiency and increased costs for businesses, with possible rises in small firms’ marketing costs and declines in new entry and investment.