Financial Services Commission Receives 187 Applications for 3Q Innovative Financial Services Designation

Applications Focused on Electronic Finance, Security, Capital Markets, and Banking
Designation Decided Through Innovation Finance Review Committee Screening
Q4 Regular Application Schedule Announced in November

The Financial Services Commission announced on the 6th that it received 187 applications during the third quarter regular application period for designation as innovative financial services.

The types of applying companies were 149 financial companies (79.7%), 30 fintech companies (16.0%), 5 big tech companies (2.7%), and 3 others (information technology companies) (1.6%).

In particular, in the electronic finance and security sectors, most of the applications were for services related to network separation improvements, submitted in accordance with the financial sector network separation improvement roadmap announced last August.

The Financial Services Commission plans to decide on the designation of innovative financial services through deliberation by the Innovative Finance Review Committee within the statutory review period (up to 120 days) for the applications received during this regular announcement period.

The fourth quarter regular application period will be announced in November and conducted in December. Companies considering applying for designation as innovative financial services but facing difficulties with legal review or application preparation can request consulting from the Korea Fintech Support Center before applying to receive assistance.