US EditionSouth Korea’s FSC Eases Financial SaaS Network Rules
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South Korea’s FSC eases financial SaaS network rules
South Korea’s Financial Services Commission (FSC) has eased network separation rules for financial institutions, opening the door to wider use of cloud-based software-as-a-service (SaaS) for internal operations. The FSC confirmed that financial companies and electronic financial service providers will be able to introduce certain SaaS tools for administrative and back-office functions without going through the financial regulatory sandbox progra…
[Digital Daily Reporter Park Jae-hyun] ‘Network separation regulations’ will be lifted to allow the use of cloud-based software (SaaS) within financial institutions’ internal networks without separate authorization. This is expected to accelerate the pace of digital transformation (DX) in the financial sector, which had been hampered by conservative security policies. On the 20th, the Financial Services Commission completed the ‘Amendment to th…
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