The Financial Services Commission announced on June 16 that it will accept regular applications for designation as an Innovative Financial Service for the second quarter of this year from June 17 to June 30.
Companies wishing to be designated as an Innovative Financial Service should review the announced application procedures, prepare the required documents, and submit their application for designation through the Financial Regulatory Sandbox website.
The Financial Services Commission and the Korea Fintech Support Center are providing comprehensive support for companies that wish to be designated as an Innovative Financial Service but are facing difficulties in preparing their applications. This support includes broad consultations, reviews of the formal requirements of applications, and comprehensive field-specific consulting through matching with specialized support teams.
Through the Financial Regulatory Sandbox website, applicants can also refer to designation case studies that contain the experiences and know-how of already designated companies, as well as frequently asked questions (FAQ) that summarize common inquiries.
The Financial Services Commission plans to review the applications submitted during this application period within the statutory review period (up to 120 days) and make a decision on whether to designate them as Innovative Financial Services through the deliberation of the Innovative Financial Services Review Committee.
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