The Act Governing Electronic Payment Institutions Article 58

Electronic stored value card issuers that have been approved by the competent authority before the promulgation of the amendments to the Act on December 25, 2020 are deemed to have obtained approval under Paragraph 1, Article 11 hereof.Before the promulgation of the amendments to the Act on December 25, 2020, if an electronic payment institution approved by the competent authority in accordance with this Act or an electronic stored value card issuer approved to be incorporated in accordance with the Act Governing Issuance of Electronic Stored Value Cards does not meet the regulations specified in this Act, it shall submit a modified business plan that meets the relevant provisions of this Act and a self-evaluation report to the competent authority for records within six (6) months of the promulgation of the amendment.Before the promulgation of the amendments to the Act on December 25, 2020, if a non-bank electronic stored value card issuer or a specialized electronic payment institution approved by the competent authority undergoes changes to the matters stated on its business license, it shall submit an application, the original business license, and other documents specified by the competent authority and apply for changing its business license from the competent authority within six (6) months of the promulgation of the amendment.