Financial Authorities Hold On-site Financial Regulation Sandbox Meeting... 6 Fintech Companies Attend

Communicating with Fintech Companies Preparing or Operating Innovative Financial Services

The Financial Services Commission, the Financial Supervisory Service, and the Korea Fintech Support Center announced that they held an on-site Financial Regulation Sandbox meeting on the 25th at the NH Digital Innovation Campus to directly engage and communicate with the fintech industry.

Six fintech companies attended the meeting, including December & Company, Road System, Monolab, Bplus, Time Percent, and Piperblic. The participating companies are providing or preparing various innovative financial services in areas such as investment advisory and discretionary investment services using robo-advisors, a real estate fractional investment platform based on publicly offered REITs as underlying assets, and prepaid electronic payment services through non-face-to-face real-name verification for foreigners.

The event began with an introduction to the Financial Regulation Sandbox system and related support projects, followed by guidance on the operation method of the revamped innovative financial services designation system. Participating companies freely raised various regulatory difficulties and questions, and the FSC, FSS, and Fintech Support Center responded and discussed solutions together with the companies.

One company preparing a real estate fractional investment platform service asked about the most important criteria discussed for designation in relation to the review requirements for innovative financial service designation. The FSC responded that, in principle, the designation of innovative financial services is made when it is judged that all nine review criteria specified in the Financial Innovation Act are met. Additionally, they introduced the Korea Fintech Support Center’s step-by-step consulting system and informed that assistance is available if there are difficulties in preparing the application for innovative financial service designation.

Shin Sang-hoon, Director of Financial Innovation at the FSC, explained, "If questions raised during the meeting are not fully resolved on-site, we will conduct internal reviews after the meeting and provide answers as a follow-up measure."