By Kim Bo-eun
The Financial Services Commission (FSC) has named nine financial companies and startups to provide innovative services using new technologies such as blockchain and fifth-generation telecommunications, the regulator said Thursday.
These services are part of the government's regulatory sandbox in the finance sector, which enables new financial services to be offered for a trial period of up to four years. They include a service of Woori Bank, which enables customers to exchange currency and withdraw cash at restaurants and parking lots near the airport.
Under the program, the selected companies can test and provide their digital services for up to four years without any regulatory limits.
Finda, a startup, allows customers to gain information on loans provided by various banks and check their conditions for such loans so that they can find the right one in accordance with their personal credit ratings.
The FSC launched the regulatory sandbox program last January.
The term sandbox comes from the U.S. startup community, referring to an environment that enables engineers and business strategists to work together and let their imaginations run wild.
It is used as a tool to bolster innovation in fintech by paving the way for financial startups to try new, innovative methods.
More than 100 companies have applied for the program since January.
The FSC said it will help the selected companies to register their services.
The regulator will name more companies to develop innovative services this month and in June.
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