Advice on FinTech/Electronic Finance/Electronic Payment-Related Laws

We offer legal advice on a wide range of legal issues, including regulatory issues concerning electronic finance and corporate laws, as well as tax and IP related issues that may arise in connection with business models, services, and business partnerships between financial companies and electronic financial business service providers.

Advice on Internet-only Banks and New Business Models

Our Practice is actively advising the introduction of Korea’s new internet-only banks from the preliminary licensing stage.  We continue to advise clients on various legal issues relating to applicable financial laws and regulations, including the Banking Act and the Electronic Financial Transactions Act, through the main licensing stage and the launch of business for these internet-only banks.  We are also presenting ways to minimize legal and practical risks by offering regulatory advice on innovative business models of financial companies in advance.

Electronic Financial Services Licensing and Regulatory Authority Services

Our Practice includes licensing and registration of services and providing related legal advice, liaising with financial supervisory authorities as necessary, and providing other legal advisory services, such as assisting with IT inspections and field investigations of licensed financial companies by the financial supervisory authorities, performing mock examinations in preparation of IT examinations by the financial supervisory authorities and preparing and reviewing relevant materials.

Finance IT-Related Advisory Services

Our Practice includes advisory services, including advising on analysis of regulations, regulatory trends and plans for improvement, in relation to areas of IT/personal information that employees of financial companies must comply with.  We form an exclusive team for each financial company and provide advisory services in various forms catered to the needs of the company. 

Finance IT-Related Compliance Diagnosis and Advice

Our Practice includes establishing finance IT-related compliance governance and processes, data protection and compliance consulting, and legal review and verification of consulting work products (either independently or in cooperation with external consulting firms).  We provide a broad range of finance IT-related compliance diagnostics and advisory services by analyzing technical, managerial and data protection-related structures, policies, etc. and devising plans to address key issues identified through such analysis.  

IT/Information Processing Outsourcing/Offshoring-Related Services

Our Practice offers comprehensive advisory services for domestic financial companies and electronic financial service providers regarding regulations applicable to outsourcing/offshoring of IT-related business, personnel and facilities in and out of Korea, as well as management of third party vendors.  Recent amendments to applicable regulations have eased the outsourcing scheme, and we expect the enforcement and implementation of the Act on Development of Cloud Computing and Protection of Its Users to facilitate IT outsourcing/offshoring among financial companies and electronic financial service providers.  Changes in the environment will call for comprehensive compliance with financial regulations and information-related laws.  

Security and Data Breach Countermeasure Services

With regard to customer information breaches at financial companies, we have offered digital forensic technical assistance comprised of fact-finding, evidence collection, risk analysis and response plans by scenario, and provided practical assistance in responding to administrative and judicial proceedings following such incidents.  We offer comprehensive advice on all related matters, including civil and criminal disputes and litigation, and plans for consumer protection and mitigation of damages.  

Finance IT-Related IP Assistance

Our Practice offers advice through our specialized Intellectual Property Practice comprised of lawyers, patent attorneys, and technical experts specializing in intellectual property related issues that may arise in the finance IT sector.

Blockchain/DLT and Cryptocurrency (ICO) Related Services 

We offer comprehensive advisory services for blockchain/DLT and cryptocurrency firms regarding regulations applicable to token sellers, cryptocurrency exchanges, ventures, hedge and private equity funds and their portfolio companies, token marketers and broker-dealers, funds interested in trading digital assets, global investment banks, financial institutions and asset managers, and others in the space. 

Our Practice offers comprehensive support to domestic and foreign financial companies across the financial industry, including banks, electronic financial companies, securities companies, credit card companies, and insurance companies by providing advisory services on IT-related regulations, including electronic finance licensing, consulting with financial supervisory authorities, protection of personal and credit information and crisis management relating to security and data breaches.  In addition, in light of the recent revitalization of the fintech industry, our Practice offers services related to regulations on electronic finance and fintech business to companies in diverse industries, such as portal service companies, large-scale online distribution companies, mobile platform companies, domestic and foreign settlement companies and electronic transactions companies, O2O service companies, telecommunications companies and others.  Based on our expertise and experiences in such diverse areas, we provide legal services catered to our clients as a front-runner in the fintech industry.

Finance IT-Related Advisory Services

• Advised in relation to IT/personal information for domestic financial holding companies. 
• Advised in relation to IT/personal information for domestic banks, securities companies and associations.
• Provided advisory services for finance-related institutions.

Finance IT-Related Compliance Diagnosis and Advice

• Advised a domestic financial holding company on a comprehensive data security diagnosis project.
• Advised a domestic bank on developing a system to monitor personal information. 
• Advised a domestic card company on developing an integrated security management system. 
• Advised a domestic insurance company on a project for verification of compliance with information protection. 
• Advised a domestic bank on development and integration of next generation IT infrastructure and system. 

Electronic Financial Services Licensing and Regulatory Authority Services

• Provided registration services for payment gateway (PG) service providers and assisted in due diligence for foreign online-platform companies.
• Advised domestic portal service providers, social commerce service providers and shopping malls on PG registration in connection with their payment services.
• Advised financial companies on IT examinations, including IT status evaluations.
• Assisted with IT due diligence by financial authorities in connection with divestiture or merger of financial companies.

IT/Information Processing Outsourcing/Offshoring-Related Services

• Advised foreign financial companies on use of IT facilities at their overseas headquarters and other IT outsourcing.
• Advised foreign banks in obtaining approval of the Financial Services Commission for IT outsourcing/offshoring in connection with their internet banking services.
• Assisted in reporting of information processing outsourcing/offshoring in connection with licensing of banking, trust and other financial businesses.
• Advised financial companies on the use/outsourcing of cloud computing services.

Security and Data Breach Countermeasure Services

• Advised and represented domestic credit card companies in relation to civil and criminal litigation for incidents of leakage of personal information. 
• Advised on criminal litigation related to domestic banks’ leakage of customer information. 
• Advised and assisted a domestic financing company on criminal and administrative responses for a personal information leakage incident due to hacking.
• Represented a domestic bank in a class action suit related to a customer information leakage incident.

Advice on FinTech/Electronic Finance/Electronic Payment-Related Laws

• Researched electronic finance and fintech-related regulations in Korea and overseas.
• Advised financial companies on biometric authentication services.
• Advised on various mobile payment and settlement services.
• Advised on transactions with domestic financial companies involving foreign fintech and settlement models.
• Advised on O2O service-related regulations.
• Advised on P2P loans and crowdfunding-related laws and regulations.
• Offered comprehensive advice, including due diligence for mergers and acquisitions, business and copyright analysis, and review of applicable laws, for fintech companies.

Advice on Internet-only Banks and New Business Models

• Advised on preliminary and main licenses of domestic internet-only banks (including advice on various business models and regulations).
• Advised financial companies on mobile applications for mobile banking and related services.
• Advised financial companies on non-face-to-face channels and smart banking models.

Finance IT-Related IP Assistance

• Advised on issues related to infringement of intellectual property, trade secret, etc., in connection with electronic financial transactions, such as banking platforms.

Blockchain / DLT and Cryptocurrency (ICO) Related Services 

• dvised the buyer and seller in the acquisition of a major cryptocurrency exchange in Korea.
• Advised both international and domestic firms on ICOs and reverse ICOs.
• Advised on token private placements and Korean regulatory issues.
• Advised on cryptocurrency transactions by major hedge funds and their portfolio companies.
• Advised on cryptocurrency funds in licensing, regulatory issues and transactions.