Financial Services Commission Holds 8th 'Visiting Financial Regulation Sandbox' Meeting
BuildUp Labs, Yudongsan, EDPLab, Compac, PinHigh and 5 Other Small and Medium Fintech Companies Attend
The Financial Services Commission, the Financial Supervisory Service, and the Korea Fintech Support Center announced on the 21st that they held the 8th "Visiting Financial Regulation Sandbox" meeting at Seoul Fintech Lab.
Five small and medium fintech companies, including BuildUp Labs, Yudongsan, EDIP Lab, Compac, and FinHigh, attended this meeting. The participating companies are preparing or providing innovative financial services such as financial risk management SaaS (Software as a Service), a website-based liability insurance platform for electric wheelchairs and electric scooters, and a mobile customer management application for small business owners in the beauty industry.
The event began with an introduction to the financial regulation sandbox system and related support projects. This was followed by guidance on the operation method of the revamped innovative financial service designation system. Afterwards, the participating companies explained their services, raised regulatory difficulties encountered during business promotion, and asked questions. After the meeting, all participants had time to network and interact together.
A company preparing a financial risk management SaaS service inquired whether their service, classified as a non-electronic financial transaction business, could receive regulatory exceptions (sandbox) as an exemption from the network separation obligation. In response, the Financial Services Commission introduced the financial sector network separation improvement roadmap announced on the 13th and replied that they plan to expand the scope of SaaS usage through the sandbox in the future.
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The Financial Services Commission and others plan to continue follow-up measures by providing specific solutions through consulting by the expert support group of the Fintech Support Center’s comprehensive support office for questions from companies that were not fully resolved during the meeting. The next meeting will be held in September.
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