Korea’s Regulator Approves Another 5 Companies to Be Part of its Fintech Sandboxby Fintech News Hong Kong July 30, 2019
The Financial Services Commission of South Korea has approved an additional 5 companies to be part of its fintech sandbox.
At the time of publishing the regulator has approved 42 services to be tested in the sandbox, 9 of which were approved as recent as April this year.
This slew of approval is part of South Korea’s concerted effort in boosting the country’s fintech sector, notably they have committed to reviewing over 200 regulations to identify which of it is hindering the industry’s innovation efforts.
Below are the latest applicants granted approval for the sandbox.
Activity: Small sum investment service using credit card.
Activity: Brokerage service of foreign currency transfer service providers.
Activity: Platform that provides a pet insurance policy holder with points that can be used in pet facilities.
Activity: Credit score rating service using non-financial and non-structured data collected from PG and VAN service providers, and fintech firms
Activity: Safe payment service for subcontractors using escrow accounts.
Featured image credit: FSC