FSC Receives 149 Applications for Innovative Financial Services in Q2

Electronic Finance and Security Lead with 119 Applications (79.9%)

The Financial Services Commission announced on July 9 that a total of 149 new applications were received during the regular application period for designation of innovative financial services for the second quarter of 2025.

By type of applicant, there were 96 applications (64.4%) from financial companies, 33 (22.1%) from fintech firms, 15 (10.1%) from big tech companies, and 5 (3.4%) from other types of companies.

By type of financial service, electronic finance and security accounted for the largest share with 119 applications (79.9%), followed by the capital market and specialized credit sectors with 9 applications each (6.0% each). In addition, there were 6 applications (4.0%) in the lending sector, 4 (2.7%) in the banking sector, and 1 application each (0.7% each) in the data and foreign exchange transaction sectors.

After applications are received, a review is conducted by the financial authorities and other relevant bodies within the statutory review period (up to 120 days), followed by deliberation by the Innovative Finance Review Committee. The final designation decision is made at a regular meeting of the Financial Services Commission. Applicants can check the review stage and schedule through the Financial Regulation Sandbox website.

The Financial Services Commission explained that designated innovative financial service providers will be given the opportunity to receive up to 120 million won per year in testing support to help them prepare their designated services smoothly.

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