FSC published an update on the recent progress with respect to the regulatory sandbox. FSC has designated a total of 53 financial services as "innovative financial services" since adopting the financial regulatory sandbox on April 01 this year. Among them, 15 innovative financial services are operational. Including those 15 services, a total of 36 new innovative financial services will become operational within this year. The government has been closely working with fintech sectors and providing tailored support to facilitate their development. FSC highlighted that fintech firms have been able to test innovative ideas in the market. Overall, launch of the financial regulatory sandbox has had positive spillover effects related to fintech job growth, increased investment, and global expansion.
Related Link: Press Release
Keywords: Asia pacific, Korea, Banking, Regulatory Sandbox, Innovative Financial Services, Fintech, Regtech, FSC
Previous ArticleSwiss Federal Council Amends Capital Adequacy Ordinance
The UK authorities have published consultations with respect to the Basel requirements for banks. The Prudential Regulation Authority (PRA) published the consultation paper CP16/22 on rules for the implementation of Basel 3.1 standards.
The three European Supervisory Authorities (ESAs) issued a letter to inform about delay in the Sustainable Finance Disclosure Regulation (SFDR) mandate, along with a Call for Evidence on greenwashing practices.
The Financial Stability Board (FSB) and the Network for Greening the Financial System (NGFS) published a joint report that outlines the initial findings from climate scenario analyses undertaken by financial authorities to assess climate-related financial risks.
The Financial Stability Board (FSB) published a letter intended for the G20 leaders, highlighting the work that it will undertake under the Indian G20 Presidency in 2023 to strengthen resilience of the financial system.
The International Sustainability Standards Board (ISSB) of the IFRS Foundations made several announcements at COP27 and with respect to its work on the sustainability standards.
The International Organization for Securities Commissions (IOSCO), at COP27, outlined the regulatory priorities for sustainability disclosures, mitigation of greenwashing, and promotion of integrity in carbon markets.
The European Banking Authority (EBA) issued a statement in the context of COP27, clarified the operationalization of intermediate EU parent undertakings (IPUs) of third-country groups
The European Union has finalized and published, in the Official Journal of the European Union, a set of 13 Delegated and Implementing Regulations applicable to the European crowdfunding service providers.
The Office of the Superintendent of Financial Institutions (OSFI) published an annual report on its activities, a report on forward-looking work.
The Australian Prudential Regulation Authority (APRA) finalized amendments to the capital framework, announced a review of the prudential framework for groups.