The Financial Services Commission announced on September 14 that the regular application period for designation as an Innovative Financial Service will be open from September 15 to 6:00 p.m. on September 26.
Companies wishing to be designated as an Innovative Financial Service can review the announced application procedures and submit their application forms, along with the required documents, through the Financial Regulatory Sandbox website within the application period.
The Financial Services Commission plans to review the applications received during this regular application period through the Innovative Finance Review Committee within the statutory review period, which is up to 120 days. The final decision on designation will be made at a regular meeting of the Financial Services Commission. Applicant companies can check the review stage and dates of their application services through the Financial Regulatory Sandbox website.
The Financial Services Commission and the Korea Fintech Support Center are providing step-by-step consulting for prospective applicant companies that may face difficulties in legal interpretation or in preparing their application forms during the application process. The Financial Regulatory Sandbox website also offers case studies containing the experiences and know-how of already designated companies, as well as a frequently asked questions (FAQ) section summarizing commonly raised inquiries.
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