- Expanding a Business in South Korea
- Expanding a Business in South Korea : Startup Overseas
- U.S. Relations With the Republic of Korea
- Related Articles
- Identifying The Market
Expanding a Business in South Korea
The source code of fintech software may be protected as a trade secret under the UCPA. Ownership of IP rights such as patents, utility models, and designs initially belong to the person who created such rights. Such person may transfer his or her IP ownership right to another party through an agreement. However, transfer of an IP right, other than through inheritance or other general succession, is not effective in Korea against third parties unless it is recorded at the Korean Intellectual Property Office.
Expanding a Business in South Korea : Startup Overseas
In the context of an employer-employee relationship, there are two ways for the employer to obtain ownership rights to in-service inventions of its employees. First, the employer may enter into a pre-invention assignment agreement with an employee with a provision that the employee agrees to assign any and all future in-service inventions to the employer. Second, the employer may adopt an employment rule such as an invention remuneration policy that expressly provides for employee-inventors to assign any and all future in-service inventions to the employer and the employer to provide remuneration to such employee-inventors.
Ownership of copyright initially belongs to the actual author or authors of a given work. For IP rights such as patents, utility models, and designs, the party enforcing an IP right should own the registered rights in Korea.
For copyrights, works by foreigners, such as source code of fintech software, are entitled to protection under treaties to which Korea has acceded. IP rights including patents, utility models, and designs are a type of property right and thus, owners of IP rights may exploit or monetise them for their benefit. For example, an IP owner may assign or sell his or her IP right to another person or entity and receive payment in return. An IP right may also be pledged as collateral for a loan or investment from another person or entity.
Further, an IP right may be licensed through an exclusive or non-exclusive agreement for royalties or may be licensed to another party in a cross-licence agreement. If an IP right is jointly owned, a joint owner may license the IP right only with the consent of all the other joint owners, but each owner may still freely practise the jointly-owned IP.
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- Fintech | Laws and Regulations | Korea | ICLG;
IP-related licences may be subject to governmental review under certain circumstances. If a provision of a licence agreement violates one of the standards set forth in the IP Guidelines, a court may find such provision to be null and void as being contrary to Korean public policy. As for licence terms, there are no statutory or regulatory restrictions on a maximum royalty rate or payment terms. Further, Korean courts have not issued a ruling on a maximum royalty rate.
Thus, the parties may agree on royalty rates and payment terms based on the facts in individual cases. Korea: Fintech The ICLG to: Fintech Laws and Regulations covers a broad overview of common issues in fintech laws and regulations in 51 jurisdictions.
Chapter content Free access. The Fintech Landscape. Funding For Fintech.
Fintech Regulation. Accessing Talent. Equity Equity-based crowdfunding, which involves funding a project or venture by raising monetary contributions from a large number of people through an investment in equity or securities, was introduced in Korea through an amendment to the FSCMA that came into effect on January 25, Debt New and growing businesses may borrow through P2P lending in Korea. There have not been any notable exits by the founders of fintech businesses in Korea. The new law introduces the following two measures: Expedited confirmation on regulation : A financial company that plans to start a new type of financial business may deem that no regulation on the new business exists if the company does not receive a response from the FSC within 30 days after filing an inquiry to the FSC as to the existence of a regulation on the new business.
The FSC may forward the inquiry to other relevant government agencies, if deemed necessary, but in any case the FSC must provide a response within 30 days. Financial service providers whose service can be clearly distinguished from pre-existing services, in terms of contents and methods, may apply to the government to designate such service as an innovative financial service. In addition, if a designated innovative financial service is being operated under a licence required by other financial laws and regulations, such designated innovative financial service shall be afforded an exclusive right of operation for two years after designation as an innovative financial service.
This means that during the two-year period granted by the Korean government, no other service provider may provide the same type of financial service in Korea. Yes, to both questions. The PIPA applies to all personal information processing entities regardless of whether they are located overseas. In addition, sector-specific privacy laws such as the Network Act would apply to overseas online service providers collecting personal information in Korea.go to site
U.S. Relations With the Republic of Korea
Further, the Credit Information Act would also apply to overseas entities handling financial transaction information and credit information of individuals or entities in Korea. Although the PIPA, the Credit Information Act, and the Network Act do not specifically address their jurisdictional scope for overseas entities, the Korean regulatory authorities have measures to ensure compliance by overseas entities with these laws. Although the Credit Information Act is silent on international transfers of credit information, the PIPA requirements would likely apply for overseas data transfers of credit information of individuals and entities in Korea.
Financial institutions may decline transactions with cryptocurrency companies that make payments to or receive payments from its users that do not use real-name verified bank accounts. Customer due diligence: Financial institutions must put in place a process to check whether a customer is a cryptocurrency company. Financial institutions must verify, through on-site due diligence, certain additional information pertaining to cryptocurrency companies including whether the cryptocurrency company is maintaining separate transaction records for each customer at least every six months.
Suspicious activity reports: Financial institutions must appoint dedicated staff for monitoring suspicious transactions of cryptocurrency companies and their users. Financial institutions must establish stronger transaction monitoring rules for suspicious activities of cryptocurrency companies. The key requirements of the amended AMLC Guideline are as follows: Financial institutions are now also required to monitor the corporate accounts of the cryptocurrency companies e.
Financial institutions must share the customer list of foreign cryptocurrency companies with other financial institutions. Other sector-specific laws that may apply to fintech businesses include: The Foreign Exchange Transaction Act, which regulates foreign exchange businesses, including the issuance or dealing of foreign exchange and payment, collection and receipt between Korea and a foreign country.
The Act on Consumer Protection in e-Commerce, which regulates online retailers, including persons engaged in the business of selling goods or services by providing information relating to such goods or services and soliciting offers to purchase from customers by means of mail or telecommunications networks.
With information ranging from Korean cultural and historical background to business etiquette, women's status in the workplace, negotiations, hiring and firing, labor-management relations, motivating personnel, understanding Korean consumers, marketing, advertising and public relations, dealing with bureaucrats, selecting distribution systems, working within the Korean legal system, and plenty more, this book may not be a substitute for direct experience but is definitely an indispensable companion to it.
The decision required Japanese companies to apply for a license to export the chemicals to South Korean customers, a process that could take up to 90 days.
They have declined to give specific examples of those concerns. South Korea disputes that account. Choi Youngbae, minister-counselor at the South Korean Embassy in Tokyo, said South Korea has agreed to meet with Japanese government counterparts but that Japan has not responded to requests for such meetings. South Korea has raised the restrictions on chemicals with the global trade watchdog, the World Trade Organization.
Identifying The Market
Choi said. Moving forward, export contracts for certain goods with potential military applications will have to be approved by the Japanese government, he said, adding that Tokyo puts the same requirement on selling to places like Taiwan and China, which also have large electronics industries that source components and materials from Japan. The process of sorting out the licenses will only take a few weeks, he added. Industry experts also suggested that South Korean companies would find ways to deal with the delays and added costs that the white list removal will cause.
How long is not clear. Companies have had time to prepare for the decision.