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South Korea approves Apple Pay launch
South Korea's Financial Services Commission (FSC) announced on Friday it has approved the launch of Apple Inc.'s Apple Pay in that country's market.
"Having taken into consideration relevant rules and regulations and their interpretations, we confirm that credit card companies can push for the introduction of the Apple Pay service as they have obeyed necessary procedures," the FSC's statement read. The regulator also urged credit card firms to implement all the measures necessary to protect their users' data.
The review into launching Apple Pay in South Korea began in November with its conclusion initially scheduled for December. The decision was then delayed for an unspecified reason, although the media cited the regulators' concern about data privacy.