South Korea plans to let consumers update personal information across financial companies by visiting only one institution where they hold an account. The Financial Services Commission (South Korea’s financial policy regulator) and Financial Supervisory Service (South Korea’s financial watchdog) announced on the 24th that they are pursuing the overhaul with the Regulatory Reform Committee’s Public Livelihood Subcommittee, the Ministry of the Interior and Safety, and other relevant agencies. After a customer reports a legal name or resident registration number change and consents to personal-information use, Korea Credit Information Services will register and verify the change and send it in a single batch to other financial companies the following day. The new system is scheduled to launch in the first half of 2027. Secure transaction tools such as OTP tokens (one-time password security devices) and authentication certificates will still require personal reissuance, while automatic transfers, simple payments, foreign-exchange bank designations and cards bearing a new name may require separate action.