South Korean FSC accepts nine fintechs into its regulatory sandbox

South Korea’s Financial Services Commission (FSC) has announced the addition of the first batch of financial services providers to its financial regulatory sandbox. This comes after FSC launched a regulatory sandbox on the 1st of April, post the Special Act on Financial Innovation Support came into effect.

Nine financial services firms including KB Kookmin Bank, NH Property and Casualty Insurance, Rainist, Shinhan Card, Payple and more have been selected out of 19 firms in a bid to test out their services and products in the sandbox.

The regulatory sandbox is expected to see an amalgamation of services brought about by the selected firms, a few of which include mobile communication services, stock lending and borrowing services, credit card payment services for small stores and P2P finance services for locals facilitating investment in new renewable energy generation services.

According to the commission, the decision for accepting the remaining 10 applications will be made at its following meeting on the 2nd of May, 2019.

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