Financial Services Commission to Accept Applications for Second Quarter Innovative Financial Service Designation
Applications Accepted Until June 30
Free Consulting Services Available
The Financial Services Commission announced on June 15 that it will accept regular applications for designation as an Innovative Financial Service for the second quarter of this year.
Companies wishing to be designated as an Innovative Financial Service must submit an application form via the Financial Regulatory Sandbox website by June 30.
The Financial Services Commission and the Korea Fintech Support Center provide free, step-by-step consulting for prospective applicants who encounter difficulties with legal interpretation or preparing their application forms during the application process. Applicants can also refer to related information on the Financial Regulatory Sandbox website, such as previous cases of designation and frequently asked questions (FAQ) that address common inquiries.
The Financial Services Commission will review the submitted applications within the statutory review period of up to 120 days through the Innovative Finance Review Committee. Subsequently, the final decision on designation will be made at a regular meeting of the Financial Services Commission.
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Applicants can check the review status and dates for their service applications on the Financial Regulatory Sandbox website.
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