The Financial Regulatory Sandbox of the Financial Services Commission, which celebrates its third year of implementation, will increase opportunities for communication with fintech companies and financial companies, and actively resolve the difficulties and suggestions of the industry.
The Financial Services Commission announced on 20th that it will strive to improve the financial regulation sandbox by introducing the service and digital sandbox system. Financial regulatory sandboxes were first 폰테크 implemented in April 2019 as a system that provides regulatory exceptions for a certain period of time for new financial services that are innovative and have high consumer benefits. So far, a total of 142 innovative financial services have been designated, and 80 are going through Tess.
The Financial Services Commission will introduce “Financial Regulation Sandboxes to Visit” and “(tentative) Digital Sandboxes” from this year. Digital sandboxes provide an environment where you can test the business performance and feasibility of innovative ideas held by early pin-tec companies and start-ups. In addition, efforts to improve regulations in connection with the regulatory improvement request system continue.
To this end, we will conduct on-site communication with 42 companies designated for innovative financial services from April to June. We will select the first company through preliminary demand survey and receive additional applications from June to July. The meeting will be held every Tuesday, Wednesday and Sunday from June 21 to June 2 at 4 p.m., but the meeting will be held in non-face-to-face, considering the Corona situation.
The Financial Supervisory Commission will respond quickly to the difficulties and suggestions of the industry and strive to guide the revision of the Special Act on Financial Innovation Support. The principle was that issues that can be solved in the field should be handled immediately and tasks that require review by the working department should be answered as soon as possible. According to the special law, which will be implemented on July 21, innovative financial companies can request improvement of regulations by three months before the expiration of the special period, and it is possible to extend it up to one year and six months according to the government decision.
An official from the Financial Supervisory Commission said, “Innovative financial companies that have not participated in the financial regulation sandbox can participate in on-site communication for the second innovation financial companies in June if they apply for additional applications by the 20th of next month.”
Card companies are focusing on data business, which is the future food. Based on the card payment details, it is interpreted as a way to preoccupy the rapidly spreading data industry market by providing market analysis and marketing.
According to the data brokerage platform ‘Financial Data Exchange’ operated by the Financial Security Service on the 20th, card companies ranked top in eight popular suppliers. Shinhan Card and Samsung Card were selected as the first and second and third places in KB Kookmin Card. A total of 100 companies participating in the Financial Data Exchange have total data counts and cumulative transactions amounting to 651 and 1849, respectively.
The Financial Data Exchange, which was launched in May last year, is operated as an open data exchange that connects financial institutions such as banks, cards, insurance companies, and industries such as distribution, consulting and energy.
The data that card companies are providing to the Financial Data Exchange is overwhelming. Five major commercial banks in the financial sector introduced more than 50 data products, while Shinhan Card 101, KB Kookmin Card 83 and Samsung Card registered 80 products. Of the top 10 data products in general data trading volume, eight were Shinhan Card and KB Kookmin Card. Shinhan Card’s ‘Card Consumption Trends (number of settlements) according to Corona 19’ and KB Kookmin Card’s ‘Status of Subscription Economy (Food, Food, Knowledge, Taste, etc.)’ data were the most purchased.
Some card companies are also operating their own platforms. KB Kookmin Card introduced ‘Data Root’, an open data integration platform that analyzes and provides big data in various fields in February.BC Card also operates the Financial Big Data Platform.