Financial Services Commission Announces Name Contest for 'Digital Sandbox' Scheduled for Operation in the First Half of the Year

Submission Period: March 24 (Wed) to April 23 (Fri)

[Asia Economy Reporter Park Sun-mi] The Financial Services Commission (FSC) is holding a contest to select the official name for the 'Digital Sandbox (tentative name),' which is scheduled to operate as a pilot project in the first half of this year.

According to the FSC on the 24th, the submission period for the official name of the Digital Sandbox runs from today until May 23. Anyone can participate, and multiple name submissions are allowed. The judging criteria include understanding of the Digital Sandbox, suitability, and creativity. Awards will be given to a total of eight people: one grand prize winner (prize money of 1 million KRW), two excellence award winners (prize money of 500,000 KRW each), and five participation award winners (coffee coupons).

The FSC previously announced the pilot project plan for the Digital Sandbox through the 'Comprehensive Plan to Strengthen the Financial Regulatory Sandbox.' The Digital Sandbox refers to a testing environment where early-stage fintech companies and startups can verify innovative technologies and ideas. Fintech companies can utilize pseudonymized information from the Credit Information원의 financial big data open system (CreDB) to concretize their ideas and verify the feasibility and business potential of those ideas.

An FSC official explained, "The Digital Sandbox is necessary because it allows us to anticipate the impact of new technologies and services on the market in the rapidly changing digital financial environment and use this insight for policy formulation," adding, "The official name of the Digital Sandbox will be announced in early May after evaluations by the FSC and external experts."

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