Financial Services Commission Holds 5th On-site Financial Regulation Sandbox Meeting

On the 30th, the Financial Services Commission announced that it held the '2024 5th On-site Financial Regulation Sandbox Meeting' at Woori Financial Digital Tower in Jung-gu, Seoul, together with the Financial Supervisory Service and the Korea Fintech Support Center.

Five fintech companies, including KRG Group, Nick Company, Big Tech Plus, SCM Solution, and Winning Eye, attended the meeting. These companies provide or are preparing services such as automatic classification of financial transaction description data (information related to transaction types and details during financial transactions) applying artificial intelligence (AI) algorithm models, and contactless biometric authentication solutions for verifying the real names of foreigners.

At the meeting, the fintech companies received explanations from the Financial Services Commission, Financial Supervisory Service, and Fintech Support Center regarding the financial regulation sandbox system and related support projects (comprehensive fintech consulting, test cost support, D-Testbed, etc.). They then inquired about regulatory difficulties related to the services they currently provide or are preparing. The Financial Services Commission and others provided answers and review opinions.

One company preparing the Jeonse Keeper service, which includes safety assessment of rental deposit and non-face-to-face moving-in report application, requested the expansion of financial institutions participating in consignment testing under the financial regulation sandbox system. Another company preparing a pharmaceutical credit transaction service inquired about whether this service falls under the small-amount post-payment business (BNPL) and received a response.

The Financial Services Commission stated, "For parts where answers were insufficient during the meeting or additional questions from companies, we will continue efforts to resolve companies' concerns even after the meeting ends. Furthermore, by continuously holding such meetings to maintain communication with fintech companies and identifying and supplementing areas requiring more attention from financial authorities, we plan to support companies wishing to designate innovative financial services to prepare their applications more smoothly."

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