The FSC announced the first batch of financial service providers accepted into its financial regulatory sandbox. Among 19 applications shortlisted for priority review, nine firms were first allowed to test their innovative services and products in the regulatory sandbox. For the remaining 10 applications, the FSC will soon decide whether to accept them into the regulatory sandbox at its meeting scheduled for May 2, 2019.

Overview of services accepted into financial regulatory sandbox

1. Convenient, low-cost financial services combined with mobile communication services (KB Kookmin Bank)
2. Stock lending platform based on blockchain technology offering stock lending and borrowing services for individual investors (Directional)
3&4. ‘On-off traveler’s insurance’ for frequent repurchasers to buy traveler’s insurance policy without verification or additional explanation on the product (NH Property and Casualty Insurance / Rainist)
5. Credit card based money transfer service using PayFan application (Shinhan Card)
6. Credit card payment service using QR codes for unregistered small stores such as street vendors (BC Card)
7. Credit assessment using Shinhan Card’s affiliate merchant data such as sales record (Shinhan Card)
8. Online easy payment service using mobile text message verification (Payple)
9. P2P finance service for local residents to invest in new renewable energy generation businesses (Root Energy)