Financial Services Commission Holds 2nd 'Visiting Financial Regulation Sandbox' Meeting

Guidance on Sandbox System and Support Projects for Fintech Companies
To Be Held in Regions Outside Seoul, Including Busan and Gwangju

On the 9th, officials were busy moving in the corridor of the Financial Services Commission at the Government Seoul Office in Jongno-gu, Seoul, where financial authorities decided to promote a plan to include mortgage loans (Judaemae) in the 'debt refinancing' infrastructure scheduled to be launched in May by the end of the year. Financial authorities explained that they aim to reduce the interest burden on mortgage loans by building a debt refinancing platform that allows users to compare financial sector loan interest rates at a glance and switch loans easily. Photo by Yoon Dong-ju doso7@

The Financial Services Commission, the Financial Supervisory Service, and the Korea Fintech Support Center announced that they held the second "Visiting Financial Regulation Sandbox" meeting of the year on the 7th.

The meeting was held at the 2nd Seoul Fintech Lab in Mapo, Seoul, chaired by Jeon Yo-seop, Head of the Financial Innovation Planning Division at the Financial Services Commission, and was attended by seven fintech companies including Bujireon Company, Intok, CarbonSaurus, ConnexioH, Tomz, Funding119, and FractalFN.

The participating fintech companies provide financial services based on innovative technologies and ideas, such as enterprise carbon neutrality platforms and non-financial information credit evaluation services utilizing artificial intelligence (AI)-based data analysis.

The meeting began with the financial authorities and the Fintech Support Center explaining the financial regulation sandbox system and related support projects. Following this, the participating fintech companies freely inquired about regulatory difficulties related to services they are already providing or preparing.

On that day, a company operating a children's economic education and allowance management app inquired about the possibility of participating in the open banking system. The Financial Services Commission responded that additional participation is decided by comprehensively considering various factors such as policy necessity, the intended use of open banking by the participating companies, and the soundness of the business operators. Additionally, a company preparing a token securities service based on distributed ledger technology inquired about the basic asset requirements for trust beneficiary certificates, and the Financial Services Commission answered by citing the guidelines on basic asset requirements for issuing trust beneficiary certificates announced in December last year.

A Financial Services Commission official stated, "Through the meeting, by listening to the difficulties faced by individual fintech companies, we expect to identify areas that require more support and attention and to discover new demands for designation as innovative financial services," adding, "The next meeting will be held in Busan and Gwangju to engage in on-site communication with regional fintech companies."

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