FSC opens Q2 applications for innovative financial service designations

The Financial Services Commission announced Thursday that it is accepting regular applications for second-quarter innovative financial service designations through June 30.

Companies seeking designation should review the application procedures in the official notice, prepare the required documents, and submit their application forms through the financial regulatory sandbox website.

The innovative financial service designation regime allows companies to test and commercialize new financial services under regulatory exemptions. Since its introduction in 2019, a cumulative total of 1,072 designations have been granted.

The FSC and the Korea Fintech Support Center offer step-by-step consulting for prospective applicants who have difficulty with legal interpretation or completing application forms. The center maintains a dedicated support team of 73 specialists across law, patents, accounting and technology, and all consulting is provided free of charge.

The financial regulatory sandbox website also provides reference materials, including case studies drawn from the experiences of previously designated companies and a frequently asked questions section compiling common inquiries.

Applications received during this regular announcement period will go through review by the Innovative Finance Review Committee within the statutory review period of up to 120 days, after which the FSC will decide whether to grant designation. Applicants can track the review stage and schedule for their submitted service through the financial regulatory sandbox website.