Financial Services Commission Holds 'Visiting Financial Regulation Sandbox' Meeting at Seoul Fintech Lab

12 Meetings Held Touring Fintech Incubation Spaces Including Busan and Gwangju

On the 9th, officials were busy moving in the corridor of the Financial Services Commission at the Government Seoul Office in Jongno-gu, Seoul, where financial authorities decided to include mortgage loans (Judaemdae) in the 'debt refinancing' infrastructure scheduled to launch in May by the end of the year. The financial authorities explained that they aim to reduce the interest burden on mortgage loans by building a debt refinancing platform that allows users to compare financial sector loan interest rates at a glance and switch loans easily. Photo by Dongju Yoon doso7@

The Financial Services Commission, together with the Financial Supervisory Service and the Korea Fintech Support Center, held the first "Visiting Financial Regulation Sandbox" meeting of the year on the 20th in Seoul. Throughout the year, they plan to hold 12 meetings while touring fintech research and development spaces (labs) in Seoul, Busan, and Gwangju.

This meeting was held at Seoul Fintech Lab and involved seven fintech companies: Deodeo Legal Civil Service, Buen Camino, Alchemy Lab, Antok, Conduit, Hug Lab, and Hushi Partners. These companies provide financial services closely related to daily life, such as machine learning-based financial product recommendation services and salary management platforms, based on innovative technologies and ideas.

The participating fintech companies received explanations from the financial authorities and the Fintech Support Center about the innovative financial service designation system, delegated testing, and other financial regulation sandbox systems, as well as related support projects such as customized consulting, test cost support, and D-Testbed. After the meeting, the Fintech Support Center will connect companies with field experts for assistance as needed, and for issues not sufficiently addressed on-site, additional responses or guidance will be provided by the financial authorities. Follow-up measures will be actively pursued.

Meanwhile, starting with this meeting, the Financial Services Commission plans to continue meeting fintech startups by holding 12 "Visiting Financial Regulation Sandbox" meetings this year in the metropolitan area as well as Busan and Gwangju.