Copy link
Increase text size
Decrease text size
Link copied

South Korea’s FSC announces first batch of regulatory sandbox, focus on blockchain, e-payments

Image: Flickr

Mon, 22 Apr 2019, 04:32 am UTC

South Korea’s Financial Services Commission (FSC) has announced the first cohort of financial service providers accepted into its recently launched financial regulatory sandbox.

On April 1, the FSC launched the sandbox as the Special Act on Financial Innovation Support came into effect.

In its official announcement dated April 17, the regulator said that it had shortlisted 19 applications for priority review. Of these, nine firms have been allowed to test their innovative services and products in the regulatory sandbox.

Selected firms include KB Kookmin Bank, Shinhan Card, NH Property and Casualty Insurance, Rainist and others.

They will test products and services in areas such as e-payment services, p2p financial services, combining financial services with mobile communication services, blockchain technology, credit card payment service using QR codes, and others.

The blockchain project is focused on a stock lending platform to offer stock lending and borrowing services for individual investors using blockchain technology.

“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,” the FSC said.

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $9,032.93 (+4.40%)
  • Ethereum (ETH) $172.21 (+2.53%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $363.58 (+1.35%)
  • Bitcoin SV (BSV) $297.90 (+5.17%)
  • Bitcoin (BTC) $9,032.93 (+4.40%)
Jan 28, 2020 (Tuesday)
04:36
Crypto Technicals: BTC/USD extends break above 200-DMA, $10,000 level in sight
04:36
Iran issues over 1,000 licenses to cryptocurrency miners: Report
04:10
Swiss banking giant Julius Baer launches digital asset services
Jan 27, 2020 (Monday)
15:51
Blockchain startup SettleMint raises €1.9M from KPN Ventures and Medici Ventures
14:05
Bitcoin Gold blockchain suffers 51% attack, $70k worth of crypto double spent
13:24
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
13:24
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
12:53
Accenture launches blockchain-based marketplace to onboard suppliers
11:50
Crypto Technicals: LTC/USD holds cloud support, shows signs of upside resumption
11:13
South Korean military taps Raonsecure for blockchain-based biometric ID solution
10:21
Indian securities regulator SEBI sees potential in blockchain technology, calls for more active research
08:22
Australian crypto exchange Independent Reserve expands to Singapore
08:05
Hawaiian lawmakers seek to allow banks to offer crypto custodial services
07:24
Crypto Technicals: ETH/USD consolidates weekend gains, break above 200-DMA (176.56) to fuel further upside
07:23
Dubai Multi Commodities Center to establish Crypto Valley to boost blockchain ecosystem
05:58
World Economic Forum announces new global consortium for cryptocurrency governance
05:15
Ukraine to block crypto wallets and seize illegally obtained assets
04:51
Lancashire Cricket and SecuTix use blockchain to improve user experience in purchasing tickets
04:33
Crypto Technicals: BTC/USD bounces off channel support, set to retest 200-DMA (8916)
Jan 24, 2020 (Friday)
12:24
Ripple CEO Brad Garlinghouse hints at the possibility of IPO
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft