FSS Issues One-Week Investigation Notice to Coupang Pay on December 2
Currently, FSS Has Authority Only Over Coupang Pay
"FSS Should Join Joint Investigation Team to Examine Coupang as Well"
On December 3, Lee Chan-jin, Governor of the Financial Supervisory Service, announced that the agency would immediately shift to an inspection if any indications of payment information leakage are detected during the on-site inspection of Coupang Pay. He emphasized that the Financial Supervisory Service should join the joint investigation team to examine not only Coupang Pay but also Coupang itself.
Lee Chan-jin, Governor of the Financial Supervisory Service (left), and Song Kyung-hee, Chairperson of the Personal Information Protection Commission, are responding to committee members' questions regarding the Coupang personal information leak incident during the National Assembly's Political Affairs Committee session on the 3rd. Photo by Yonhap News
Governor Lee made this statement in response to a question from Kang Min-guk, a member of the People Power Party, during the National Assembly's Political Affairs Committee session, regarding the growing public concern over the potential leakage of card payment information following the recent Coupang personal information leak incident.
He said, "We began the inspection yesterday and are conducting a thorough review," adding, "If we find any suspicious elements, we will immediately transition to a full inspection."
If the process shifts to an inspection and any violations are discovered, the matter could proceed to institutional sanction procedures involving the Financial Supervisory Service's Sanctions Review Committee and the Financial Services Commission.
Governor Lee explained, "Coupang operates a 'One ID' policy, meaning Coupang and Coupang Pay use a jointly agreed-upon platform," and stated that the agency would actively investigate whether there has been any payment information leakage as a result.
However, he pointed out that only Coupang Pay, as Coupang's fintech subsidiary, qualifies as an electronic financial business operator subject to regulatory oversight, which limits the scope of regulation. He added, "To verify whether there are any traces of payment information leakage at Coupang, the Financial Supervisory Service intends to participate in the joint investigation team."
The Financial Supervisory Service began an on-site inspection the previous day to check for any payment information leakage and to assess Coupang Pay's information management practices.
Previously, both Coupang Pay and Coupang reported the results of their internal investigations to the Financial Supervisory Service, stating that there had been no payment information leakage. However, the agency decided it could not rely solely on Coupang's report and initiated the on-site inspection.
Meanwhile, Lee Eogwon, Chairman of the Financial Services Commission, responded to the same question from Assemblyman Kang by stating, "We are also taking this matter very seriously."
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