Online hotel booking platform Agoda said Friday that the South Korean corporate watchdog's recent order to revise its refund policy will result in the restriction of consumer choices.

On Wednesday, the Fair Trade Commission ordered Agoda and Booking.com -- brands under global online travel firm Booking Holdings Inc. -- to revise their policies which ban refunds for certain products regardless of the reservation date.

"The accommodations available on the Agoda app and website are already offered with varying prices that are determined by clearly stipulated cancellation policies and which are set by our accommodation partners worldwide, not by Agoda," the company said in a statement. "We are disappointed that as a result of this ruling, Korean consumers will no longer be able to access the lowest prices offered by accommodation providers."

The company said it will engage in talks with the watchdog for negotiations and also assess its legal options, including an appeal to the corrective order.

The two platforms were among four foreign online travel firms -- including Hotels.com and Expedia -- which the watchdog recommended change the related clauses last year.

While Hotels.com and Expedia -- which are under the broader Expedia Group -- revised their rules, Booking.com and Agoda did not follow the recommendation, the watchdog said.

The FTC is also considering filing a complaint against the companies for a formal investigation should they not follow the order in two months of the receipt of the written corrective order. (Yonhap)