The Minute to Read (Weekdays) series provides a quick overview of significant events in Korea everyday, conveniently condensed into a one-minute read. Here’s a recap of what happened yesterday: Aug. 14.
Kakao Pay faces sanctions for unauthorized data sharing
The Financial Supervisory Service (FSS) has discovered that Kakao Pay, a leading mobile payment service in South Korea, shared the personal credit information of 40.45 million individuals with Alipay, a financial company under China’s Alibaba, without obtaining customer consent. Over a period of six years, Kakao Pay transmitted 54.2 billion encrypted records, including IDs, phone numbers, email addresses, and transaction histories, to Alipay, which owns a 32% stake in Kakao Pay. This data transfer occurred without a specific data-sharing agreement and included excessive information, even from customers who never used overseas payment services. Kakao Pay justified its actions by stating that the data was shared to assess creditworthiness and that the encryption was robust. However, concerns have been raised over the lack of customer consent and the FSS plans to impose sanctions after completing a legal review.
S. Korean government urges EV battery disclosure following Incheon fire
The trend of automakers disclosing the battery manufacturers used in their electric vehicles is quickly gaining momentum in South Korea, following safety concerns after a significant fire in an underground parking lot in Cheongna, Incheon, was linked to a Mercedes-Benz EV equipped with batteries from the Chinese company Farasis. In response, major automakers like Hyundai, Kia, BMW, and Mercedes-Benz have started revealing their battery suppliers. Mercedes-Benz disclosed that eight of its 29 electric models in South Korea use Farasis batteries, while others are powered by batteries from CATL, SK On, and LG Energy Solution. This push for transparency is fueled by increasing consumer concerns and government recommendations for greater disclosure, with more automakers, including Tesla and Stellantis, expected to follow suit. The South Korean government also plans to implement comprehensive measures to prevent EV fires, including mandatory inspections and enhanced fire safety protocols in underground parking facilities.
Korean dramas adopt cinematic storytelling
South Korean TV series are evolving into a hybrid format that merges the best elements of films and dramas, driven by the rise of OTT streaming platforms. These hybrid series, typically running for four to eight episodes, blend cinematic visuals with dramatic storytelling, giving creators greater flexibility. Shows like “The Tyrant” on Disney+ exemplify this trend, where film and drama professionals collaborate, opening up new avenues for creative exploration in response to changing viewer preferences.
Successful partnerships, such as those seen in “The Worst of Evil,” underscore the advantages of combining film and drama expertise to produce content with a high cinematic standard. Netflix’s global hit “Mask Girl” further illustrates this trend, highlighting the growing collaboration between drama writers and film directors. This approach allows creators to break away from traditional formats, choosing the structure that best suits their stories and enriching the landscape of South Korean television content.
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