'Visiting Financial Regulation Sandbox'... On-site Communication with Innovative Finance Designated Companies
April 21 (Wed) to June 2 (Wed), 16:00?17:30
On-site Communication with Designated Innovative Financial Service Companies
[Asia Economy Reporter Park Sun-mi] Financial authorities are initiating communication with designated innovative financial service companies through the 'Visiting Financial Regulation Sandbox.'
On the 20th, the Financial Services Commission, Financial Supervisory Service, and Fintech Support Center announced that on-site communication with designated innovative financial service companies will be conducted from the 21st to June 2nd through the 'Visiting Financial Regulation Sandbox.' A total of 42 fintech companies and financial institutions selected through a prior demand survey will participate. Additionally, on-site communication with fintech labs operated by financial companies is planned for the second half of the year.
The financial authorities plan to actively promote the discovery of new innovative financial services, listen to difficulties and suggestions from innovative financial businesses, and publicize the sandbox system through the Visiting Financial Regulation Sandbox.
Issues that can be resolved on-site will be addressed immediately, and tasks requiring review by the financial authorities' working departments will be comprehensively examined and responded to as quickly as possible.
According to the amendment to the Special Act on Financial Innovation Support, effective from July 21, innovative financial businesses can request regulatory improvements up to three months before the expiration of the special period, and if the government decides to revise financial-related laws, the special period can be extended by an additional one year and six months. The financial authorities plan to coordinate schedules according to the conditions of innovative financial businesses to minimize their burden and gather opinions from working-level staff through video conferences.
Meanwhile, since the implementation of the Financial Regulation Sandbox system in April 2019, a total of 142 innovative financial services have been designated, and 80 services have been launched and are undergoing market testing. The financial authorities evaluate that customized services meeting diverse demands, as well as affordable and convenient services, have emerged, enhancing the financial convenience of the public and promoting innovation in the financial industry.
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A Financial Services Commission official stated, "As the Financial Regulation Sandbox system enters its third year with a quantitative foundation, we will focus on solidifying the system through efforts such as the Visiting Financial Regulation Sandbox, continuous regulatory improvement linked with the regulatory improvement request system, and the (tentatively named) Digital Sandbox," adding, "Innovative financial businesses that could not participate in this Visiting Financial Regulation Sandbox can apply additionally by the 20th of next month and participate in the second on-site communication for innovative financial businesses in June."
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