Yulchon Represented LG CNS in Acquiring MyData Business License
2021.09.08.
Yulchon successfully represented LG CNC for the application of MyData business license, which was newly introduced under the amended Credit Information Use and Protection Act in Korea.
Being the only information technology (IT) company that has obtained the MyData business license from the Korean government so far, LG CNS aims to develop and expand an innovative business model in the market which is currently dominated by traditional financial institutions and companies.
Yulchon provided comprehensive legal services during the course of the entire license application process. Yulchon assisted the client at all stages of the application process from the submission to the acquisition of preliminary and final MyData licenses. At each stage, Yulchon worked closely with the client to review and provide advice on legal issues involving the Personal Information Protection Act, the Act on Promotion of Utilization of Information and Communications Network, and the Credit Information Use and Protection Act concerning the client’s proposed business model, and the ‘enterprise group’ related issues under the Monopoly Regulation and Fair Trade Act. Yulchon also advised the client regarding the IT infrastructure and cybersecurity requirement.
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