The Last 'Visiting Financial Regulation Sandbox' Meeting of the Year Held
Financial Authorities Respond After Hearing Opinions on Fintech Company Regulations
Six Companies with Experience Participating in IBK's '1st Lab' Incubation Program Participate
The Financial Services Commission, the Financial Supervisory Service, and the Korea Fintech Support Center announced on the 17th that they held a 'Visiting Financial Regulation Sandbox' meeting at the IBK Industrial Bank of Korea Euljiro Head Office. This is the 12th meeting held this year.
This meeting was the last one of the year and was attended by six companies (The Cheat, Directional, ReturnZero, SalaryFi, NH&Duray, Fairy) that are either residing in or have participated in the incubation program provided by IBK Industrial Bank of Korea 1st Lab. The participating companies are providing or preparing various financial services such as alternative credit evaluation based on call history information, blockchain-based stock lending and borrowing platforms, and payment assistant services for recommending optimal payment methods.
The participating companies inquired about detailed regulations they must comply with to launch their services in the market, the future operational direction of the sandbox system, and the recently announced roadmap for improving network separation in the financial sector. In response to a question from one company about whether applications for innovative financial services will continue to be accepted quarterly next year as they were this year, the Financial Services Commission explained that applications are being accepted during the announced period according to the revised operation plan for the innovative financial services designation system announced last May. This is to efficiently handle a large volume of applications.
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A Financial Services Commission official explained, "If questions raised during the meeting are not fully resolved on-site, we plan to provide answers after internal review following the meeting or take follow-up actions through consulting by the Korea Fintech Support Center."
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