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
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