Financial Services Commission Announces Start of Regular Applications for Q1 Innovative Financial Services Designation

The Financial Services Commission announced on the 16th that the regular application period for the designation of innovative financial services for the first quarter will be held from the 17th to the 28th.

Companies wishing to be designated as innovative financial services can check the application methods announced by the FSC, prepare the required documents, and submit the application form for designation of innovative financial services on the Financial Regulatory Sandbox website within the regular application period.

The FSC and the Korea Fintech Support Center explained that they provide three types of consulting services for companies that wish to be designated as innovative financial services but face difficulties in preparing their applications.

Companies wishing to apply can refer not only to the consulting services but also to designation cases containing the experiences and know-how of already designated companies, as well as frequently asked questions (FAQ) summarizing commonly raised inquiries, available on the Financial Regulatory Sandbox website.

The FSC stated that it plans to decide on the designation of innovative financial services through the Innovative Finance Review Committee within the statutory review period (up to 120 days) for the applications submitted during this application period.