(Photo = Financial Committee)
Conspire for a new name for the digital sandbox.
On the 24th, the Financial Services Commission announced the implementation plan of a digital sandbox (tentative name) pilot project through the’Comprehensive Plan for Internalization of the Financial Regulation Sandbox’.
The digital sandbox refers to a test environment in which early fintech companies and startups can verify innovative technologies and ideas. Fintech companies can use the pseudonym information of the Credit Information Service’s Financial Big Data Open System (CreDB) to materialize their ideas and confirm the feasibility and business feasibility of the idea.
Initially, it used the tentative name of digital sandbox in consideration of murder in the UK, but considering the fact that it is somewhat different from the financial regulation sandbox that delays or exempts regulations, a new name is proposed.
Anyone, regardless of individual or group, can apply in multiple names. The application period is until April 23, and the application method is available through link, mail, QR code, fintech portal, and financial regulation sandbox homepage.
The grand prize (1 person) will receive a prize of 1 million won, and the best prize (2 people) will receive a prize of 500,000 won.
An official from the Financial Services Commission said, “In early May, the official name of the digital sandbox will be released after examination by the Financial Services Commission and external experts.
[email protected], reporter Eunji Cha
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