Eun Sung-soo: "Financial Regulation Sandbox, Leading Innovation and a Flagship Policy for Fintech Success Stories"

"139 Innovative Financial Services Designated in the Past 2 Years... 78 Services Launched"

Eun Sung-soo, Chairman of the Financial Services Commission

[Asia Economy Reporter Kwangho Lee] Eun Seong-su, Chairman of the Financial Services Commission, stated on the 8th, "The financial regulatory sandbox has established itself as a representative policy leading financial innovation and creating fintech success stories," adding, "A total of 139 innovative financial services have been designated over the past two years, with 78 services currently launched and undergoing testing."

On the same day, Chairman Eun held the Innovative Financial Review Committee meeting to mark the 2nd anniversary of the financial regulatory sandbox implementation and reviewed its operational performance.

Chairman Eun evaluated, "The number of sandboxes designated by the FSC accounts for one-third of the entire government’s total, which is a remarkable achievement."

In fact, the FSC’s regulatory sandbox designations amount to 139 cases, representing 32% of the total. This is followed by the Ministry of Trade, Industry and Energy with 116 cases (27%), the Ministry of Science and ICT with 90 cases (21%), the Ministry of SMEs and Startups with 65 cases (15%), and the Ministry of Land, Infrastructure and Transport with 23 cases (5%).

Chairman Eun emphasized, "Through these bold innovation efforts, our lives are steadily and meaningfully changing. While the past two years have been a period to firmly root the seeds of innovation, going forward, we must strive harder to allow these seeds to grow and bear abundant fruit."

To this end, Chairman Eun stated, "We will work to ensure that innovative financial services lead to regulatory improvements," mentioning, "So far, 14 regulatory improvements have been completed in connection with the sandbox."

He also expressed, "We will make every effort to solidify the financial regulatory sandbox," and "We will actively discover new tasks through various channels such as the Digital Finance Council."

Furthermore, he added, "Through the Digital Sandbox (tentative name), we will share innovation opportunities with small-scale fintech startups," and "Starting from the second quarter, we will operate a pilot project for the Digital Sandbox to provide a testing environment based on big data where early-stage fintech companies can verify ideas or technologies before launching services."