The Financial Services Commission announced on the 16th that it will receive regular applications for the designation of innovative financial services from the 17th to the 28th of this year.
Corporations wishing to be designated as innovative financial services can check the announced application method and then submit the application form for innovative financial services on the financial regulatory sandbox website along with the required documents.
The Financial Services Commission and the Korea Fintech Support Center provide comprehensive consulting services, including formal document review and matching with expert support teams, for corporations that wish to be designated as innovative financial services but have difficulty preparing their applications. Through the financial regulatory sandbox website, they can also reference cases of designated firms containing experiences and know-how, as well as frequently asked questions (FAQs) that summarize common inquiries.
The Financial Services Commission plans to determine whether to designate innovative financial services based on the reviews of the Innovative Financial Review Committee within the legal review period (up to 120 days) for applications received during this application period.