The digital sandbox, which will be piloted in the first half of this year, is a program that simulates the innovation and business feasibility of novel ideas possessed by fintech companies based on actual data from the financial sector. Through the data infrastructure (financial big data open system) operated by Korea Credit Information Service, a fintech company simulates the results of technology and business application. Overseas, the British financial authorities have been conducting a pilot program as part of a financial innovation program since May last year.
The Financial Services Commission originally used the tentative name’digital sandbox’ by referring to examples in the UK. However, considering that the program is different from the financial regulation sandbox, which delays and exempts regulations, it has decided to publicize a new name.
Anyone can apply from this day to the 23rd of the following month, including individuals and groups. Multiple applications are also possible. To apply, you can send a mail to the Financial Services Commission or apply through the QR code, fintech portal, or financial regulation sandbox homepage.
A prize money of 1 million won will be given to one grand prize, and 500,000 won will be given to the two top prizes. Participation awards are given to 5 people through a lottery.
The judges will judge the understanding, suitability, and creativity of this program. However, if the word’sandbox’ is included in the name, it will be excluded from the award. You may not plagiarize someone else’s name or apply for a name that is recognized as plagiarism.
The Financial Services Commission is planning to release the official name of the digital sandbox in early May after examining internal and external experts.
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