Financial Authorities to Conduct Innovation Finance Reviews Remotely... Responding to COVID-19 Spread

[Asia Economy Reporter Kim Hyo-jin] The Financial Services Commission and the Financial Supervisory Service announced on the 9th that they will operate the Innovation Finance Review Committee in writing to respond to the spread of the novel coronavirus infection (COVID-19).

Innovation financial services benefit from the financial regulatory sandbox (a pilot operation system for financial services) introduced under the Financial Innovation Support Special Act.

The financial authorities planned to hold the second Innovation Finance Review Committee meeting of this year on the 2nd but postponed the schedule due to the spread of COVID-19. The financial authorities plan to hold the next Innovation Finance Review Committee meeting in writing and will also consider non-face-to-face operation methods in the future.

Consultations, which are mainly conducted face-to-face, will be changed to non-face-to-face methods such as telephone.

Since the enforcement of the Financial Innovation Support Special Act in April last year, the financial authorities have held the Innovation Finance Review Committee 12 times and designated a total of 86 innovation financial services. The financial authorities aim to select 100 innovation financial services by this month, marking one year since the system was implemented.

This content was produced with the assistance of AI translation services.