The Financial Services Commission announced on the 24th that it will publicly recruit the official name of the tentatively named’digital sandbox’ project, which is scheduled to be piloted in the first half of the year.
The digital sandbox refers to a test environment in which early fintech companies and startups can simulate and verify the feasibility and viability of innovative technologies and ideas.
The Financial Services Commission will support fintech companies to simulate the results of technology and business ideas using pseudonym information from the Credit Information Service Financial Big Data Open System (CreDB).
The digital sandbox differs from the’financial regulation sandbox’ in that it allows you to verify ideas before commercialization.
An official from the Financial Services Commission said, “Through the tentatively named digital sandbox, fintech companies will be able to test novel ideas and policy authorities will be able to assess the impact of new technologies and services on the market in advance and use them for policy formulation.
Anyone can participate in the title contest of the tentatively named Digital Sandbox.
By the 23rd of next month, you can apply online (https://forms.gle/AbEPurzCgwbcsnX29) or by mail (Financial Regulation Sandbox Team of the Financial Services Commission, Sejong-daero, Jongno-gu, Seoul).
You can apply for multiple names, but names including the word’sandbox’ cannot be awarded.
One grand prize will be awarded 1 million won, and the two top prizes will receive 500,000 won each.
Five of the participants will be given Starbucks Americano coupons by lottery.
/yunhap news
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