Two Years of Regulatory Sandbox Implementation... 364 Tasks Approved Including Shared Beauty Salons

[Asia Economy Reporter Moon Hyewon] A total of 364 projects have been approved two years after the implementation of the regulatory sandbox.

The Ministry of SMEs and Startups announced on the 26th that since the introduction of the regulatory sandbox system on January 17 last year, a total of 364 projects have been approved as of November this year. It is expected that about 20 more projects will be approved by the end of this year.

According to the Ministry, 46% (166 projects) of all projects have been launched in the market or are undergoing testing. The Ministry reports that this has led to outcomes such as increased investment, sales, and employment for companies.

A total investment of 621.3 billion KRW has been made in projects related to the regulatory sandbox so far. In particular, sales in the ICT and industrial convergence sectors increased 2.8 times compared to January this year, steadily rising despite the economic slowdown caused by the novel coronavirus disease (COVID-19).

Approved companies saw a net employment increase of about 1,700 people. The Ministry analyzed that employment in the financial innovation and regulatory free zone sectors increased the most, contributing to the development of fintech and regional job creation.

The Office for Government Policy Coordination, the Ministry of SMEs and Startups, and other related ministries plan to focus on qualitative enhancement such as regulatory improvements based on demonstration project results and performance creation starting next year.

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