The Financial Services Commission announced on December 14 that regular applications for designation as innovative financial services will be accepted from December 15 until 6:00 p.m. on December 31.
Companies wishing to be designated as innovative financial services can check the announced application procedures and submit 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 Financial Services Review Committee within the statutory review period (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 consulting services for prospective applicant companies that may encounter difficulties with legal interpretation or preparing their applications. To support this, the Korea Fintech Support Center has established a professional support group consisting of 67 experts in fields such as law, patents, accounting, and technology. All consulting services are provided free of charge.
Through the Financial Regulatory Sandbox website, applicants can also refer to designation case studies containing the experiences and know-how of already designated companies, as well as a frequently asked questions (FAQ) section summarizing previously common inquiries.
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