Eolmajip Passes Regulatory Sandbox Review for Automated Consent Function in Reconstruction and Redevelopment

Korea PropTech, which operates the apartment owner verification-based community 'Eolmajip,' announced on the 21st that Eolmajip has been selected by the Ministry of Science and ICT as a demonstration regulatory sandbox service for fully automated consent form collection.

Recently, the ICT Regulatory Sandbox Deliberation Committee of the Ministry of Science and ICT designated Eolmajip as a demonstration regulatory sandbox service for collecting consent forms through electronic signatures by owners of land exclusively for urban maintenance. Accordingly, promotion committees aiming for reconstruction and redevelopment can use Eolmajip to obtain electronic consent during necessary approval procedures, including consent for forming reconstruction and redevelopment promotion committees targeting owners in urban maintenance projects, replacing the traditional seal stamping.

Korea PropTech, founded in 2021 by CEO Song Ji-yeon, former Global Business Head at Moloco and co-founder of AB180, operates Eolmajip, a specialized urban maintenance service developed to improve various inefficiencies and illegal activities occurring during the reconstruction and redevelopment promotion process.

Eolmajip provides various community management functions such as fully automated consent forms and voting features required by urban maintenance project promotion committees, and group message sending to union members. By digitizing the entire consent process and personalizing messages delivered to each owner, it achieves an 80% reduction in time and a 90% reduction in costs required for consent in urban maintenance projects compared to traditional methods.

In the application for the leading district of Bundang 1st New Town held last September, the Migum Station area villa complex integrated reconstruction promotion preparation committee, which ranked first in resident consent rate, also quickly secured consent rates using Eolmajip. Another advantage is that it enhances transparency in project progress, eliminating various corruption and inefficiencies.

Having won the Grand Prize from the Minister of Land, Infrastructure and Transport at the 2023 Korea Urban Innovation Industry Expo, Eolmajip is introduced and used in over 2,800 apartment complexes and redevelopment promotion areas nationwide, including Daechi Mido Apartment, Mokdong 3rd Complex, Bundang Yangji Village, Korea Land Trust, and Hana Asset Trust.

CEO Song Ji-yeon of Korea PropTech stated, “With the designation as a demonstration regulatory sandbox service, a path has been opened to reduce time and costs by using Eolmajip in the consent process of urban maintenance projects.” She added, “We will strive to become a leading PropTech service that dramatically reduces various inefficiencies and high costs arising during urban maintenance project progress.”