Press Releases - Financial Services Commission

Press Releases

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May 03, 2021

Authorities to Expand Support for Corporate Bond and CP Markets

Vice Chairman Doh Kyu-sang held the 39th financial risk assessment meeting virtually on May 3 to review the implementation of the COVID-19 financial support programs for small merchants and SMEs. At the meeting, Vice Chairman Doh discussed ways to increase support for the corporate bond and CP markets and help businesses struggling with temporary credit rating downgrades. The following is a summary of Vice Chairman Dohs remarks. (Current Situation) Recent economic indicators suggest that the pace of the recovery back to the pre-pandemic level is taking place faster than previously expected. The IMF has recently revised up global growth forecast from 5.5 percent in January to 6.0 percent in April, and the recovery is accelerating in Korea backed by strong exports. However, a multi-speed recovery is becoming more apparent across different sectors as small merchants and self-employed business owners, especially in close contact businesses, continue to experience difficulties. As such, todays meeting will go over the progress of the existing financial support programs and find ways to draw up more targeted support for vulnerable areas in response to the multi-speed recovery taking place. (COVID-19 Financial Support) The financial sector has drawn up KRW81.5 trillion in lending support for small merchants and SMEs and KWR73.5 trillion in backstop for financial markets. With the spread of the vaccine supply and expectations for a recovery, the authorities also set up a diagnosis-response framework to more effectively work on the normalization of COVID-19 financial support measures. Based on these response measures, the authorities plan to regularly monitor conditions, make appropriate adjustments and strengthen the provision of targeted support on vulnerable areas. The COVID-19 financial support for small merchants and SMEs has extended about KRW78.3 trillion in lending support. The second batch of lending support in the amount of KRW7 trillion has so far extended about K
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May 03, 2021

Authorities Introduce Measures to Strengthen Oversight on Quasi-investment Advisory Businesses

The financial authorities held the 3rd taskforce meeting on the prevention of unlawful and unfair trading activities in stock markets on April 30 and reviewed progress in the implementation of various measures. At the meeting, the authorities introduced and decided on the measures to strengthen management and supervision on the quasi-investment advisory businesses. The measures are aimed at (a) preventing quasi-investment advisory businesses from engaging in unauthorized business activities, (b) strengthening management from the time of their business registration to operation and exit and (c) bolstering detection of illegal activities using social media chatrooms, etc. Background A quasi-investment advisory business provides investment advisory services to an unspecified number of individuals. There are no particular entry requirements for these businesses as they are only required to register with the authority.With the goal of preventing damages to investors, the government has been working on regulatory improvements. Since September last year, the FSS has conducted inspections on 351 entities and detected a total of 54 cases where illegal activities are suspected. As the sales practice of quasi-investment advisory businesses has shifted to online spaces such as social media chatrooms and Youtube, the number of investor complaints being filed has also increased.Based on false or exaggerated promises of investment returns, investors are lured into paying high fees, inflicting financial damages to investors. As such, the financial authorities along with private sector experts have set up a taskforce and prepared the following measures to strengthen oversight on quasi-investment advisory businesses. Key Measures I. Root out unauthorized business activities - Strengthen public awareness on unlawful activities: The authorities will strengthen efforts to better inform investors about the typical types of illegal activities, including stock advisory social media chatroo
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Apr 29, 2021

Short Selling to Resume for KOSPI 200 and KOSDAQ 150 Stocks from May 3

The FSC announced that stock short selling will resume for KOSPI 200 and KOSDAQ 150 stocks beginning on May 3 as the authorities completed making necessary improvements to the system. The improvements made to the short selling system include the following. a) Introduction of stronger monetary sanctions and criminal penalties on naked short selling and other illegal short sale activities (in effect from April 6) b) Establishment of illegal short selling detection system (in place from March 16) c) Expansion of short selling access and opportunities for retail investors (KRW2.4 trillion in stock lending becoming available compared with KRW40 billion at the end of 2019) d) Overhaul of the market maker system to reduce market makers share of short selling volume With the partial resumption of short selling, the authorities will closely monitor markets to expand the availability of statistical information on short selling activities and to maintain a quick response system. Statistical data on short selling can be accessed at the Korea Exchanges website (http://data.krx.co.kr). * Please refer to the attached PDF for details.
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Apr 29, 2021

Government Announces Household Debt Management Plan for 2021-2023

The government announced the household debt management plan for 2021-2023 on April 29. The plan is aimed at (i) managing the growth rate of gross household debt at stable levels for the mid- to long-term and (ii) establishing lending practices based on individual borrowers repayment capability. Background Household debt growth remained stable from 2017 to 2019 as the government was able to implement a consistent policy for household debt management. However, due to expansionary fiscal and monetary policies put in place in response to the COVID-19 pandemic, the household debt growth rate accelerated in 2020.In this year, the growth rate has slowed down somewhat since the government announced a series of policy measures to tighten mortgage regulations and boost housing supply. However, the household debt level still remains high even though credit loans which was a dominant factor in the last years household debt growth in the second half appears to have come down to a stable level. Koreas household debt has been regarded as one of the potential sources of financial risk, given its relatively high ratio against GDP and fast pace of growth compared with major economies. However, the increase in private sector debt in response to COVID-19, which is a common phenomenon, has been inevitable to some extent. In addition, due to the governments efforts at improving the structural soundness of household debt, it is unlikely that household debt turns into a systemic risk in the short-term. Against this backdrop, the government intends to preemptively manage household debt from a macroprudential perspective to prevent it from turning into potential risk factors. Regulatory adjustments at a micro level are also needed to ensure that a tightening of mortgage regulations do not curtail first-time homebuyers access to mortgages. The current regulation of loan-to-value (LTV) ratio, uniformly applied across all homebuyers, has limited opportunities for first-time homebuyers. Moreover
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Apr 28, 2021

Open Banking Services Available from Savings Banks

The FSC announced the availability of open banking services from savings banks from April 29, 2021. From next month, credit card companies are also expected to join open banking services. Since its first launch in December 2019, open banking in Korea has become widespread with the cumulative number of subscription reaching about 76.6 million with more than 138.5 million accounts registered as of April 25, 2021. In order to promote further development of open banking, the FSCannouncedmeasures to expand participating institutions at the 3rd digital finance meeting held on October 21, 2020.As a result, about one hundred banks, fintechs, mutual finance companies and securities firms have joined and are providing open banking services as of April 25, 2021. From April 29, seventy-three savings banks will also begin to provide open banking services through their mobile apps or websites with six other savings banks expected to join as soon as they finish developing IT systems. With open banking becoming available from savings banks, open banking is now provided by all deposit-taking financial institutions. As such, it is expected to further enhance user experience and consumer convenience. In this regard, growing competition between financial institutions is also expected to contribute to their overall digital competitiveness. The FSC will continue to promote innovation in the financial industry and work to expand open banking to credit card companies from the end of May this year. * Please refer to the attached PDF for details.
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Apr 27, 2021

Change in Reverse Mortgage Rules to Strengthen Entitlement and Expand Property Eligibility

The government approved the amendments to the Enforcement Decree of the Korea Housing Finance Corporation Act during a cabinet meeting held on April 27. The revisions will go into effect from June 9, 2021. Since its introduction in 2007, the reverse mortgage scheme has played a significant role in providing housing and income stability for the elderly,as ten thousand or more households subscribe to the program each year. In December 2020, the law was amended to expand the property eligibility and introduce a trust-type reverse mortgage and seizure-protected account. The revised Enforcement Decree approved by the government today contains the following provisions. (Automatic transfer of pension entitlement) Upon the passing of the homeowner, the monthly pension entitlement can be automatically transferred to the spouse of the homeowner without having to obtain consent from all of their children, through a trust-type reverse mortgage program. (Expanded eligibility for detached home properties) Owners of detached housing properties who rent out part of their houses can sign up for a trust-type reverse mortgage program, which allows homeowners to receive monthly rentsas well as monthly pension payments. (Seizure-protected account) Up to KRW1.85 million per monthfrom monthly pension payments can be deposited in an account that is protected from seizure to guarantee a steady source of income for the elderly and protect their entitlement. * Please refer to the attached PDF for details.
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Apr 26, 2021

Financial Authorities and Industry Groups Work in Tandem on New Consumer Safeguard Measures

With the new Financial Consumer Protection Act going into effect about a month ago, the authorities held frequent on-site visits and began to operate a quick complaint processing and resolution system to ensure smooth implementation and help ease burdens on financial institutions. With the new regulations in place, there have been confusions resulting from delays in the sales process, restrictions in the sales of inappropriate financial products, etc. In order to help resolve these issues and make support available, the authorities held on-site visits and meetings in eleven different occasions between March 23 and April 9 and concluded that the confusions are largely a byproduct of customary practices prioritizing transaction convenience. In this regard, the authorities and financial industry groups agreed to formulate a new guideline that can help achieve an appropriate balance between consumer protection and transaction convenience. From March 31, the financial authorities and industry groups began to operate a quick complaint processing and resolution system to provide support. As of April 22, a total of 113 inquiries have been filed and the authorities have already responded to fifty-eight (51.8%) cases. Most inquiries had to do with administrative issues and practical handling of some of the newly introduced measures. Financial institutions have also strengthened efforts to enhance compliance with the new regulations. Financial industry groups are in the process of developing a standardized form of internal control measures within each sector in preparation for the internal control rule that will come into force beginning on September 25 this year. The standardized internal control measures are aimed at changing the culture of excessive competition over performance toward a more consumer-friendly management. The financial authorities will continue to closely monitor the implementation of the Financial Consumer Protection Act and provide necessary support. * Ple
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Apr 26, 2021

FSC to Work on Increasing the Supply of Mid-Range Interest Rate Loans for Mid-to-low Credit Holders

The FSC announced its plan to increase the availability of mid-range interest rate loans and seek further reduction in lending rates on April 23 as a follow-up measure of the lowering of the maximum legal lending rate. The measures focus on (a) improving rules to channel a vast supply of mid-range interest rate loans to borrowers with mid-to-low credit backgrounds, (b) lowering lending rates by requiring internet-only banks to expand their supply of mid-range interest rate loans, making improvements to the savings banks credit evaluation model and making it easier for borrowers to switch loans, and (c) encouraging nonbanks to provide more mid-range interest rate loans. It is expected that the measures will make available mid-range interest rate loans in the amount of approximately KRW32 trillion to two million individuals and KRW35 trillion to 2.2 million borrowers in this year and the next, respectively. Key Measures I. Improving Rules to Expand the Availability of Mid-range Interest Rate Loans (Credit score requirement for government-initiated guaranteed loan) The government-initiated guaranteed loan thus far had no credit score requirement for borrowers. As a result, about fifty-five percent of borrowers were those with high credit standings in 2020. Therefore, a new credit score requirement will be introduced to channel more than seventy percent of government-initiated guaranteed loans to the borrowers in the lower thirty percentile of credit standing. (Improvement for private sector lending) Until now, only the previously announced mid-range interest rate loans were counted toward the performance of private sector lenders and this resulted in arbitrary counting. Therefore, the authorities will change the scope of mid-range interest rate loans that are recognized by the authorities to be all non-backed credit loans offered at below the maximum interest rate allowed within each sector that are provided to borrowers in the lower fifty percentile of credit standing
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Apr 22, 2021

Financial Support through Key Industry Stabilization Fund Extended until the End of 2021

The FSC announced that the authorities decided to extend the period of financial support made available through the key industry stabilization fundfor eight months until December 31, 2021 from the initial expiration date of April 30. The authorities also decided to make changes to the following requirements for business entities receiving support through the key industry stabilization fund. First, the base year of the salary freeze for highly paid positions (KRW200 million or more a year) will be changed from 2019 to 2020. Second, as these businesses are required to retain at least ninety percent of jobs to qualify for financial support, the reference date for counting the number of jobs will be changed from May 1, 2020 to May 1, 2021. * Please refer to the attached PDF for details.
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Apr 20, 2021

Financial Authorities to Hold Online Information Sessions for 'Innovative Financial Service' Providers

The FSC announced that the financial authorities will hold online information sessions on the regulatory sandbox programbetween April and June for forty-two innovative financial service providers that showed interest in attending. The online information session (online.fintech.or.kr) will be held on every Tuesday, Wednesday and Thursday from April 21 until June 2 in order to more actively communicate with businesses and seek solutions to their needs. Officials from the FSC, FSS and Korea Fintech Center will answer questions and provide explanations on the additional benefits granted by the revised Special Act on Support for Financial Innovation which is scheduled to go into effect from July 21. The innovative financial service providers that are not able to join in the April-May sessions and wish to participate in online information sessions scheduled for June-July should apply at online.fintech.or.kr by Thursday, May 20, 2021. In the second half of this year, the authorities plan to hold information sessions for fintech labs operated by financial institutions. * Please refer to the attached PDF for details.
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Apr 19, 2021

Improved Securities Lending System for Retail Investors to Come into Place from May 3

The FSC announced that the improvements made to the securities lending system for retail investors will come into place from May 3, 2021. From May 3, seventeen securities firms will begin to provide stock lending services in the amount of about KRW2 trillion to KRW3 trillion. Retail investors wishing to participate in stock short selling are required to complete pre-learning and mock trading programs which will be available from April 20. Based on the level of experience of individual investors, the maximum investment amount allowed for short selling will be differentially applied. Key Details Retail investors access to stock short selling has been limited as a shortage in securities lending led to the decline in the demand for stock borrowing and number of securities firms offering such service. As of the end of February 2020, securities lending services were available from only six securities firmsin the amount of about KRW20.5 billion. In order to improve retail investors access to stock short selling, the FSC and financial investment businesses will begin to offer more opportunities for stock borrowing. A total of twenty-eight securities companies will provide securities lending services. However, as these companies have different schedules for completing the development of their IT system, from May 3, stock lending service will be available from seventeen securities firms first with the rest expected to join within this year. As such, it is expected that a total of KRW2.4 trillion in stock lending will become available for KOSPI 200 and KOSDAQ 150 stocks on May 3.For retail investors, a maximum of sixty days of stock borrowing period is guaranteed unlike institutional or foreign investors. Safeguards and Regulations for Retail Investors The following safeguards have been put in place to bolster investor protection against excessive loss. First, investors should have securities lending agreements with their trading firms and those without an existing account nee
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Apr 19, 2021

Debtor Assistance with Legal Representation to Bolster Inclusive Finance

The FSC announced that the authorities will work to improve the debtor assistance program with legal representation through increased support, better accessibility and stronger coordination with investigative authorities in order to meet the rising demand for assistance and bolster financial inclusion. From January 28, 2020, the debtor assistance program that makes available legal representation service at free of charge began to provide support to the victims of illegal and excessive debt collection practices and the borrowers who took out loans with interest rates exceeding the maximum legal lending rate. In 2020, 632 individuals applied for assistance in 1,429 cases and free legal representation was provided in a total of 915 cases through the Korea Legal Aid Corporation (KLAC). In 893 cases, the KLAC-registered lawyers provided legal representation to stand in place of the debtor in respond to excessive debt collection methods, whereas in 22 other cases, legal representation was provided for filing lawsuits on behalf of debtors for excessive interest rate charge. In 2021, demand for support has increased as legal assistance has already been provided to 881 cases as of the end of March. In addition, a four-percentage-point reduction in the maximum legal lending rate is scheduled to take effect in July 2021. As such, the authorities plan to increase support, improve accessibility for both mobile and on-site applicants and strengthen coordination with the KLAC and investigative authorities to help strengthen financial inclusion. * Please refer to the attached PDF for details.
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Apr 16, 2021

Authorities to Work for Minimizing Drawbacks from Citigroup's Consumer Banking Exit Plan

According to Citigroups first quarter earnings report announced on April 15, Citigroup plans to pursue exits from its consumer franchises in thirteen markets including Koreaand to shift its strategy toward wealth management and institutional businesses in Asia. Until its business reshuffling plan becomes finalized, Citibank Korea is expected to provide the same level of services to its customers. With regard to Citigroups announcement, the FSC and the FSS will closely monitor developments while seeking necessary measures to minimize possible drawbacks that may be inflicted upon consumers, maintain stability with regard to the job situation and ensure protection of consumer data. * Please refer to the attached PDF for details.
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Apr 15, 2021

FSC Chairman Holds Talks with Relevant Officials Ahead of Partial Resumption of Stock Short-selling

FSC Chairman Eun Sung-soo met with officials from relevant institutions and heads of securities companies on April 15 and held talks on the preparatory measures for partial resumption of stock short-selling on May 3,recent stock market trends and virus prevention measures taken by the financial investment industry. The following is a summary of Chairman Euns remarks. (KOSDAQ Surpassing 1,000 pts) KOSDAQ recently surpassed 1,000 points for the first time since September 2000. Throughout the years, the authorities have worked to improve the KOSDAQ market for venture capitals and startups by allowing lossmaking companies to be listed and introducing technology-based preferential listing system. As a result, KOSDAQ emerged as a distinct market for investors with many businesses with significant future growth potential being listed. The Korea Exchange, relevant institutions and the financial investment industry have put efforts to improve the investment infrastructure and seek out promising businesses. Through the Korean New Deal initiative and the government-wide effort to cultivate more innovative businesses, the government will work to support venture startups and innovative firms in KOSDAQ market to further strengthen our economy. (Ensuring Investor Trust in the Market) It is important to ensure that investors have confidence and trust about the fairness in the market. In order to root out illegal and unfair marketing or advising practices in stock markets, the government has been operating a response team since October 2020. The response team will continue to work to prevent inappropriate activities and improve regulations. Prior to the partial resumption of short-selling on May 3, the authorities will continue to work to resolve various concerns of investors. Out of the four regulatory improvement measures announced earlier, stronger penalties on illegal short-selling activities and improved rules for market makers have already become effective. The two remaining m
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Apr 14, 2021

Three More 'Innovative Financial Services' Added to Financial Regulatory Sandbox

The FSC designated three additional financial solutions as innovative financial services on April 14, bringing the total number of designated services to 142 since the regulatory sandbox was first launched on April 1, 2019. The FSC also made changes to the supplemental requirements of four previously selected businesses and extended the regulatory exemption period on eleven other services. Overview of Newly Added Innovative Financial Services 1.A blockchain-based digital real estate securities platform which is expected to expand retail investors investment opportunities in small- and medium-sized commercial properties (Lucentblock 6 trust companies, expected in H2 2021) 2.A digital real-name verification service for bank branch visitors which does not require customers to present their physical ID verification cards (Busan Bank, expected in Jun. 2021) 3. A mobile-based contactless bank account opening service using facial recognition technologies that is expected to boost consumer convenience for those who are unfamiliar with using video calls for identity verification purposes (KEB Hana Bank, expected in Sep. 2021) * Please refer to the attached PDF for details.
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Apr 14, 2021

Authorities Hold Meeting on Improving Rules on the Suspension of Licensing Review Process

The FSC announced that the financial development review committee held a second subcommittee meeting on policy and global finance issues on April 13. Main issues discussed by the subcommittee meeting include the measures to improve rules on the suspension of licensing review process and current conditions on household debt. The rules on the suspension of licensing review process applied to all financial sectors are aimed at preventing the issuance of license to legally disqualified entities that may be undergoing an investigation or lawsuit at the time of their licensing review process. However, as the financial authorities are unable to predict the outcome of their investigation or lawsuit, there has been a problem of delays in the licensing review process for indefinite periods of time. In this regard, the FSC put forward the following measures to improve the rules(a) improving the consistency and predictability of suspension by introducing more specific criteria for suspending the review process, (b) preventing indefinite delays in the suspension period by requiring the authorities to regularly check the appropriateness of resuming the licensing review process and (c) continuing with the licensing review process after a certain period based on the facts available up to that point. With regard to the current household debt situation, the subcommittee members emphasized the importance of managing gross debt level as household debt has increased amid the COVID-19 pandemic. At the same time, the subcommittee members also talked about the importance of continuing to provide financial support for non-homeowners to strengthen the housing ladder especially for the working class and young adults. * Please refer to the attached PDF for details.
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Apr 14, 2021

Household Loans, March 2021

The outstanding balance of household loansin all financial sectors rose KRW9.1 trillion from the previous month at the end of March 2021 (up 8.4% year-on-year). The household loan balance increased KRW6.5 trillion in the banking sector and KRW2.6 trillion in the non-banking sector. All financial sectors (y-o-y): +8.5% (Jan 2021) +8.5% (Feb 2021) +8.4% (Mar 2021) By type, mortgage loans increased KRW6.5 trillion in March, growing at a slower rate compared with the previous month (up KRW7.8 trillion y-o-y). Mortgage lending and jeonseloans declined due to a slowdown in housing market transactions. Other types of loans grew KRW2.6 trillion, declining from KRW3.9 trillion a year ago. Credit-based lending fell significantly compared to the end of previous year as lenders tightened control over credit risks and the demand for stock investment subsided. The government will closely monitor trends in household loans and work on policies to induce a soft-landing of the household debt-related risks. * Please refer to the attached PDF for details.
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Apr 13, 2021

7th Digital Finance Meeting Discusses Guidelines on the Use of AI Technologies in Financial Services

Vice Chairman Doh Kyu-sang held the 7th consultative body meeting on digital finance via teleconference on April 13 and discussed potential risks of digital transformation in financial sectors, establishing guidelines on the use of AI technologies in financial services and plan for the operation of the consultative body subcommittees. At the meeting, Vice Chairman Doh spoke about the progress made by the consultative body meetings as they helped to resolve differences of interests between big techs, fintechs and financial companies. Amid a deepening digital convergence taking place throughout the economy, Vice Chairman Doh stressed the importance of continuing with efforts to seek innovative solutions in financial sectors. The following is a summary of Vice Chairman Dohs remarks. (Digital Transformation and Potential Risks in Financial Sectors) Digital transformation is an inevitable change throughout the world. Although there are positive effects, such as expanded consumer choice and increased efficiency, there also needs to be policy efforts to prepare for potential risks. As such, the FSC will first strengthen risk management on the impact of a growing number of new players entering the financial markets. As competition between big techs and financial institutions deepens, the authorities will keep a close eye on for any changes in their sales behavior, potential damages to consumers and the possibility of debilitating soundness of financial companies. Second, the FSC will lay the groundwork upon which new technologies can be used safely. The authorities will work to ensure transparency and fairness in the process of using AI and other innovative technologies in financial services, while closely inspecting for the possibility of skewness which may result from financial companies using similar algorithms. Third, the authorities will closely monitor financial sector risks, such as the possibility of risk transfer in the process of non-financial firms engaging in fi
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Apr 13, 2021

Government Approves Revised Law to Support Innovative Financial Services

The government approved the revision to the Special Act on Support for Financial Innovation during a cabinet meeting held on April 13 to make improvements to the financial regulatory sandbox program and support innovative financial service providers. The revised Act allows innovative financial service providers to file requests for regulatory improvements while extending the period of regulatory exemption for an additional year and six months if the authorities decide to accept the request and make relevant changes to the regulation. Key Revisions (Filing Request for Regulatory Improvement) The innovative financial service providers may file a request for regulatory improvement to the FSC and other relevant authorities three months prior to the expiration of their designation status. (Establishing Specific Procedures for Review Process) Upon receiving a request for a regulatory improvement, the FSC or other relevant authority will introduce the matter to the relevant committee to decide the necessity of regulatory reform and make relevant changes to the regulation. (Extension of Regulatory Exemption Period) Upon the authoritys decision to make relevant changes to the regulation, the regulatory exemption period applied to the innovative financial service will be extended for up to an additional year and six monthsfrom the time of the expiration of their designation status. Schedule The revised Act will take effect from July 21, 2021 after the promulgation on April 20. The FSC will work to ensure a smooth implementation of the revised law. At the same time, the authorities will help to better inform innovative financial service providers about the changed rules taking place. * Please refer to the attached PDF for details.
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Apr 08, 2021

Meaningful Improvements in Financial Services Made Possible by Financial Regulatory Sandbox

The FSC announced key achievements and progress in the operation of the financial regulatory sandbox program on April 8. Background The financial regulatory sandbox program was launched on April 1, 2019 to promote competition and innovation in the financial industry while improving convenience for consumers. The sandbox program allows businesses designated as innovative financial service providers to enjoy regulatory exemptions for up to four years, so that they can test their innovative business ideas and technologies. In addition, the revised Special Act on Support for Financial Innovation allows designated firms to request regulatory improvements and the government may decide to grant an additional regulatory exemption period of one year and six months. Since April 1, 2019, the FSC has designated 139 innovative financial services in total with 78 such services currently being tested in the market and a total of 108 innovative financial services expected to be in service within the first half of 2021.For innovative services that have been tested to bring about significant consumer convenience and guaranteed security, the government has worked to improve regulations in a prompt manner. Out of 68 such regulations, improvements have been made to 14 of them with plans to revamp 22 regulatory items currently being prepared. For innovative businesses, comprehensive support and consulting is being provided through the Fintech Center Korea, from the stage of sandbox program application to testing to service launch. Chairmans Remarks (Progress in Financial Regulatory Sandbox) The financial regulatory sandbox program has become an essential policy to promote innovation in the financial industry and help foster fintechs. Bold attempts at innovation through the sandbox program have led to meaningful changes in our daily lives. First, the public is experiencing significant financial innovation in their daily economic activities. The number of users of innovative financial serv
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