The South Korean Financial Services Commission (FSC) has authorized nine fintech companies to operate in the country as part of a regulatory sandbox, English-language local media The Korea Times reported on May 2.
Per the report, the regulator has named the aforementioned nine startups and companies to provide innovative services using blockchain, fifth-generation telecommunications and other new technologies. The development is reportedly part of a broader financial regulatory sandbox initiative launched last January.
The sandbox will reportedly include new financial services being offered for a trial period of up to four years without regulatory limits. A service provided by the Woori Bank enabling customers to exchange currency and withdraw cash at restaurants and parking lots near the airport is also reportedly part of the sandbox. The companies that use blockchain have not been specified in the article.
The Korea Times claims that over 100 companies applied for the program since it first launched.
A report earlier this week, shows research from software firm DataLight claims that the United States, Japan and South Korea are the world’s biggest fans of cryptocurrency exchanges.
Also, news broke last month that South Korean electronics giant Samsung may end up developing a public-private blockchain complete with its own cryptocurrency token.