South Korea’s fintech sandbox received $110 million (KRW 136.4 billion) investment and created 380 jobs.
The sandbox has been in effect since April last year and was created by the South Korea’s Financial Services Commission (FSC) with initial investment of $3.5 million (KRW 4 billion).
The sandbox allows fintech testing of their proof of concept without regulation and licensing for four years.
The FSC’s report stated:
The evaluation is based on the level of innovativeness, potential contribution to consumer convenience, and the soundness and feasibility of business plan.
The regulator has reported that 36 fintech services have launched through the sandbox after close monitoring for a year. Another 66 services are finishing their final stages, expected to go live sometime in 2021.
Experienced writer and journalist, working in the global online trading sector, Steffy is the Editor of LeapRate. She has previous experience as a copywriter and has been with the company since January 2020. Steffy has a British and American Studies degree from St. Kliment Ochridski University in Sofia.