KCCI and the Office for Government Policy Coordination Hold 'Sandbox Entrepreneurs Meeting'

[Asia Economy Reporter Changhwan Lee] The Korea Chamber of Commerce and Industry Sandbox Support Center announced that it held a ‘Sandbox Entrepreneurs Meeting’ on the afternoon of the 19th at the Chamber of Commerce building on Sejong-daero, Seoul, together with the Office for Government Policy Coordination, sandbox-related ministries (Ministry of Science and ICT, Ministry of Trade, Industry and Energy, Financial Services Commission, Ministry of SMEs and Startups, Ministry of Land, Infrastructure and Transport), and the 4th Industrial Revolution Committee.

Presided over by Lee Jung-won, Director of the Regulatory Coordination Office at the Office for Government Policy Coordination, the meeting was attended by officials from related ministries and 10 approved companies including Neofact (home rehabilitation treatment), Hynet (hydrogen charging stations), LBS Tech (Navi for the visually impaired), Dajayo (accommodation utilizing vacant houses in rural fishing villages), Dunamu (unlisted stock trading), Bomap (easy insurance subscription), Coinplug (blockchain), Eva (mobile charging service), CL (bus mobility), and Data Alliance (blockchain).

The government introduced the sandbox in January last year to support market launch by exempting or suspending regulations on innovative products and services. So far, a total of 364 cases have been approved, attracting investments worth 513.3 billion KRW. It has designated 24 regulatory free zones in 14 cities and provinces (non-capital areas) to promote regional balanced development through the relocation of about 100 companies within these zones.

The companies attending the meeting positively evaluated the performance of the regulatory sandbox and offered opinions for its stable operation.

Nam Seong-jun, CEO of Dajayo, and Bae Seung-ho, Vice President of Bomap, said, “Thanks to the sandbox, we were finally able to start a business that was previously impossible,” and requested that “we be allowed to continue the business even after the four-year special period.”

Lee Jung-won, Director of the Regulatory Coordination Office at the Office for Government Policy Coordination, stated, “The need for the regulatory sandbox for new products and services is very high to overcome the COVID-19 crisis and prepare for the future,” and added, “On the occasion of the second anniversary of the regulatory sandbox implementation, we will promote institutional improvements to further expand regulatory improvement achievements.”

The government and the Chamber of Commerce will strengthen monthly post-monitoring and management of regulatory ministries to ensure that regulations in the sandbox projects can be linked to actual legislative amendments, and will actively support legislative amendments at any time during the special period.

To ensure stable business progress, if there are no safety issues, efforts will be made to ensure that the related sandbox law amendments proceed smoothly so that businesses are not suspended even after the expiration of the special period.

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