144 Applications Received for the 3rd Demand Survey of the Financial Regulation Sandbox

Targeting Designation of Over 100 Innovative Financial Services by the End of March, Marking the 1st Anniversary of Implementation

[Asia Economy Reporter Jo Gang-wook] The third demand survey for the Financial Regulation Sandbox revealed that 144 cases were applied for by 100 companies.

The Financial Services Commission (FSC) announced on the 8th that from December 10 last year to the 7th of this month, it received 144 service applications from 100 companies through the Financial Regulation Sandbox demand survey.

By company type, 31 financial institutions applied for 70 services, and 69 fintech companies and others applied for 74 services. By sector, there were 12 cases in banking, 20 in insurance, 29 in capital markets, 27 in specialized credit finance, 13 in data, 12 in electronic finance, 2 in P2P (peer-to-peer) transactions, 18 in loans, and 11 in others.

The FSC plans to sequentially review the submitted cases starting next month through the Innovative Finance Review Committee to decide on the designation of innovative financial services. Innovative financial services benefit from the Financial Regulation Sandbox, a pilot operation system for financial services introduced under the Special Act on Support for Financial Innovation.

Previously, the FSC received 105 and 219 demands in January and July last year, respectively, and designated 77 cases as innovative financial services. Among these, 27 services have been launched in the market and are currently undergoing testing, with a total of 47 services expected to be launched by March. Additionally, the FSC is reviewing whether 32 cases meet the requirements for innovative financial service designation and plans to complete this review within the first quarter.

An FSC official stated, "We will proceed with the review aiming to designate a total of over 100 innovative financial services by the end of March, marking the 1st anniversary of the Financial Regulation Sandbox implementation."