Financial Technology Development and Innovative Experimentation Act Article 23

Applicants should provide participants with proper protection measures and mechanisms for withdrawing from the experimentation and state clearly in the contract the scope of innovative experimentation, rights and obligations of the parties, and associated risks.Applicants should explicitly inform participants of the matters mentioned in the preceding paragraph and obtain their consent before the contract is entered into. Article 10 of the Financial Consumer Protection Act shall apply mutatis mutandis to the explanation obligation of applicants. In case of violation on the part of the applicant, a participant may require the applicant to bear liability for damages in accordance with Article 11 of the Financial Consumer Protection Act.Applicants shall comply with the Personal Information Protection Act in the collection, processing, and use of participants’ data.