MARCHASIA BUSINESS OUTLOOK8NEWSROOMSOUTH KOREA TIGHTENS e-COMMERCE RULES ON OVERSEAS PLATFORMSSouth Korea is also set to intensify the regulation of cross-border e-commerce sites by revising the Electronic Commerce Act, as regulators seek to tackle the mounting consumer protection, data privacy and accountability concerns in the booming online shopping industry.The changes proposed by the authorities of the country antitrust, the Korea Fair Trade Commission (KFTC), are expected to mitigate the excessive data collection, enhance the compliance requirements, and guarantee the overseas platforms that operate within the Korean market to be locally responsible.Among the major modifications, there is the restriction of the details that individuals selling second-hand goods online need to provide. Peer-to-peer transaction platforms will remain accessible only to authenticate the sellers using a phone number and e-mail address instead of gathering a plethora of personal data. According to the regulator the move aims at mitigating the threat of personal data leakage after the high profile security issues in the e-Commerce landscape in the country.The amendments are also aimed at the overseas marketplaces which are in business in South Korea without any domestic presence. The proposed rules will impose the following requirements on foreign e-Commerce operators: those earning or having a number of users that meets a specific threshold will have to choose a local representative who would guarantee regulatory compliance and resolve disputes.The relocation may be seen as the cross-border platforms like AliExpress and Temu gain instant momentum in their growth of user bases in South Korea, often outcompeting local competitors in some of their segments. The regulators claim that the lack of local accountability frameworks has left gaps in consumer protection, especially in the fields of product safety, dispute resolution, and management of personal data. FRIDERICA DEWI APPOINTED FIRST WOMAN CHAIR OF OJK INDONESIAParliament's Commission XI has approved Friderica Widyasari Dewi as the chair of Indonesia's financial services authority, OJK, making her the first woman to hold this position.She previously served as acting chair following Mahendra Siregar's resignation in late January, which came amid market turbulence linked to MSCI freezing some Indonesian stocks.The Jakarta Composite Index (IHSG) fell 7.3% and 8.5% on consecutive days, and global credit agencies Moody's and Fitch downgraded Indonesia's credit outlook to negative.Friderica brings over two decades of experience across the capital market chain. She has held senior roles at the Indonesia Stock Exchange, the central securities depository KSEI, and led BRI Danareksa Sekuritas.Within OJK, she oversaw market conduct supervision and consumer protection and serves on the OECD International Network on Financial Education advisory board and the FinCoNet governing council.Analysts note her leadership will be tested by global economic volatility, the rapid digitalization of finance, and rising retail investor participation. To address these challenges, Friderica has outlined an eight-point reform agenda aimed at restoring confidence.Key proposals include raising minimum public share ownership (free float) to 15%, requiring disclosure of ultimate beneficial owners for transparency, and preparing for demutualization of the Indonesia Stock Exchange to reduce governance conflicts.She also plans stricter enforcement against stock manipulation ("goreng-goreng") and misleading claims from market influencers, addressing issues that have harmed retail investors. The agenda aligns with expectations from index providers like MSCI regarding transparency and data quality.Successful implementation could attract global institutional capital to Indonesia, while delays risk further distancing the market from international investment flows. · Friderica Dewi appointed first female chair of OJK amid market turbulence· Introduces eight-point reform agenda for transparency and investor protection· Plans include free float increase, exchange demutualization, and stricter enforcement against market manipulation· Overseas e-Commerce platforms may be required to appoint domestic compliance agents· · New rules aim to limit unnecessary personal data collection on resale platforms· · Repeat violations could lead to penalties increasing by up to 100%
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