Eighty-eight firms have applied for the “regulatory sandbox” program so far, according to the top financial regulator on Feb. 1.
The Financial Services Commission said that of the applicants, 73 were fintech firms and the rest financial companies. Services offered by them include payment and settlement, capital market, robo advisor, insurance, big data, P2P and credit inquiry, among others.
The introduction of the deregulation measures follows the implementation of the special act on support for financial innovation, which passed the National Assembly in November. The act, devised to provide relief to and support growth of the country’s fintech industry, will come into effect this April.
According to the government’s blueprint of the regulatory sandbox program revealed on Jan. 10, companies will be granted either temporary or official approval for exemptions from regulations, with added provisions if necessary, upon review by a committee.
FSC authorities said follow-up details on evaluation criteria and rest of the application process are yet to be announced. However, the final selection will proceed before the special act is implemented in April.
By Kim Arin (firstname.lastname@example.org)