• Wed, 13 Nov 2019, 09:51 AM
  • All times are UTC
  • Edition:
    International
Copy link
Increase text size
Decrease text size
Link copied

South Korea’s Financial Services Commission to launch fintech sandbox in April

FSC Chairman Choi JongKu

Thu, 17 Jan 2019, 07:29 am UTC

South Korea’s Financial Services Commission (FSC) is planning to launch a financial regulatory sandbox in April 2019.

Last month, the country’s National Assembly passed a legislation called the Financial Innovation Support Act. The bill will come into force in March 2019 and will help lay the legal foundation to introduce a regulatory sandbox for innovative financial services.

At a recent meeting with fintech entrepreneurs, executives of financial institutions and investors, FSC Chairman Choi JongKu outlined the FSC’s policy priorities for fintech innovation in 2019.

“The FSC will spare no effort to support fintech companies to come with globally competitive services and spread fintech innovation across the financial sector,” said Choi.

The regulatory sandbox will allow fintech companies to test their innovative services with regulatory exemptions for a certain period of time. The FSC will provide KRW4 billion to support the regulatory sandbox program.

In addition, the FSC will make efforts towards boosting fintech investments. This includes removing regulatory uncertainty that restricts financial companies from investing in fintech companies and amending relevant regulations for clarification on the scope of business in which financial companies are allowed to invest.

The regulator said that more than 200 regulations are currently under review for regulatory reforms. It will announce the result of reviews in the first quarter of 2019.

Preliminary applications for participation in the sandbox will be opened by the end of this month.

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $8,801.49 (+0.06%)
  • Ethereum (ETH) $187.00 (+0.27%)
  • XRP (XRP) $0.274400 (-0.12%)
  • Bitcoin Cash (BCH) $288.77 (-0.30%)
  • Litecoin (LTC) $61.47 (-0.33%)
  • Bitcoin (BTC) $8,801.49 (+0.06%)
Nov 13, 2019 (Wednesday)
09:37
Paxos launches new product that streamlines the swap between fiat, stablecoins
08:56
China’s digital currency project aiming for ‘controllable anonymity’: PBoC official
07:36
Huobi Chain open sources its regulator-friendly financial blockchain 'Huobi Chain'
07:28
Crypto Technicals: NEO/USD hovers around 38.2% Fib, further upside on charts
06:58
HTC announces new limited edition blockchain smartphone in partnership with Binance
06:52
Crypto Technicals: ETH/USD trades directionless below 110-EMA, intraday bias neutral
06:15
Former bitcoin traders at Circle, Cumberland launch crypto trading firm
06:06
Crypto Technicals: XRP/USD consolidates below 100-DMA, break below cloud to drag prices lower
05:53
Central Bank of Tunisia refutes reports of digital currency launch
04:46
Fold partners with AirBnB allowing people to use Bitcoin when booking for a place to stay
04:38
Abra adds support for 60 new cryptocurrencies for U.S. customers
04:38
Crypto Technicals: BTC/USD holds 50-DMA support, momentum studies bearish
04:14
Ant Financial’s blockchain platform to launch in February; Node participants need to meet certain requirements
Nov 12, 2019 (Tuesday)
12:28
UPS and HerdX track and monitor beef shipment from U.S. to Japan using blockchain technology
12:12
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
12:10
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
11:13
China's forex regulator SAFE expands blockchain cross-border financing pilot to 19 provinces
10:12
eToroX adds support for Dash, USDC, USDT and GOLDX/BTC, announces 5 new stablecoins
10:03
Crypto Technicals: XLM/USD downside limited, holds support at 5-DMA
09:19
Crypto Technicals: NEO/USD consolidates around 200-DMA, bias bullish
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft