South Korea’s Financial Services Commission (FSC) has launched its financial regulatory sandbox.
A preliminary application for the sandbox was launched in January and received 105 applications. Of these, 19 were for highlighted for priority review by an evaluation committee which was composed of government officials and private experts.
These shortlisted applications will be evaluated with a focus on how their technology and services would build change, inclusiveness and have a positive effect on the country.
Upon submission of official applications by these shortlisted candidates, which had a deadline of April 2 to April 4, the first and second batch of financial service providers will be admitted to the sandbox. The first batch will launch in April 17 and the send on May 2.
The FSC expects to complete the review of the remaining 86 applications, which were received during the preliminary application period, by the end of the first half of 2019.
Earlier in the month, the evaluation committee met up to discuss how the regulatory sandbox scheme will be run.
Late last year, the Monetary Authority of Singapore proposed a regulatory sandbox fast-track route for approvals. The Sandbox Express was established to complement the country’s FinTech Regulatory Sandbox which was launched in 2016.
The goal of the Express is to help firms conduct regulated activities quicker and remove the need for them to go through the bespoke application and approval process.
