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The Financial Services Commission (FSC) of South Korea has opened the application period for its Innovative Financial Services designation.
From December 9 to December 31, 2024, companies are able to submit applications to gain recognition as an innovative financial service provider, granting them regulatory exemptions in areas such as authorisation, governance and business activities.
Applicants can access the application process and necessary documentation on the Financial Regulatory Sandbox website. To assist companies facing challenges with the application process, consulting support is being made available via the Korea Fintech Support Center.
The FSC, in collaboration with the Innovative Financial Services Review Committee, will review submissions within a statutory 120-day period, and successful applicants will subsequently receive designation, enabling them to test and develop innovative services in a regulatory sandbox environment.
For firms unable to meet the December deadline, the regulator has confirmed that the next application window is scheduled from March 17 to March 28, 2025.
