Regulatory Free Zone Challenge... Competition Among 14 Projects Unfolds

'2022 Regulatory Sandbox Challenge' 개최

Lee Young, Minister of SMEs and Startups, is delivering a congratulatory speech at the opening ceremony of the '2022 Regulatory Sandbox Challenge' held at COEX, Seoul on the 26th.

[Asia Economy Reporter Kim Cheol-hyun] The Ministry of SMEs and Startups (Minister Lee Young) announced on the 26th that it held the '2022 Regulatory Sandbox Challenge' to discover innovative business models within regulatory sandbox zones and share achievements. This event, held for the second time following last year, consists of the challenge finals, experience and exhibition, and company support booths.

First, the challenge finals are divided into the 'Regulatory Sandbox Commercialization Challenge,' which discovers innovative business models, and the 'Regulatory Improvement Idea Discovery Challenge for Demonstration Exceptions,' which seeks ideas for regulatory improvements to foster new businesses. Out of a total of 105 submitted projects (65 for commercialization, 40 for regulatory discovery) since applications opened in April, 14 projects (10 commercialization, 4 regulatory discovery) that passed three preliminary rounds will compete in the finals for a total prize of 62 million KRW.

Alongside the challenge finals, experience and exhibition of new industry sectors currently being demonstrated in the regulatory sandbox zones will be held over two days on the 26th and 27th. On the 27th, a seminar will be held focusing on innovative startups and overseas market entry based on innovative ideas and the demonstration exception system, in line with the event theme, "Challenge Beyond Regulation, to the World." Additionally, specialized regulatory lawyers will be stationed for two days to provide one-on-one focused consultations on regulatory difficulties faced by companies.

Minister Lee Young stated, "We will strengthen government support to ensure that the innovative items from the sandbox challenge succeed in commercialization," adding, "We will also support tailored commercialization programs such as funding, sales channels, and exports for regulatory sandbox zone operators, and develop sandbox zones with high global growth potential into forward bases for new industries' global expansion."

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