Financial Regulatory Sandbox
(Innovative Financial Services, Designated Agent, Consignment Test, Quick Check on Regulations)

Overview

A system that exempts or defers current regulations to enhance the convenience of consumers in the financial market by designating novel financial services or products as innovative financial services

View

• Sandbox Korea

  http://sandbox.fintech.or.kr

Liability Insurance

Overview

Pay insurance premiums to companies designated as innovative financial services agents, which have obtained liability insurance and launched their services after suitability appraisals

D-Testbed

Overview

We create and operate a data-based system empowering companies to test fintech ideas and assess their effectiveness freely

Subsidy Support For Fintech Companies (D-Testbed)

Overview

Subsidize fintech companies for smoothly operating the D-Testbed with resources (equipment, workforce, etc) that are required for the testing (costs: We cover a maximum of 75%, up to 120 million KRW) after their suitability appraisals

Targets

Companies which are taking part in the Regulatory Sandbox Program to enhance the fintech Industry in Korea and its ecosystem

Contents

• Subsidize fintech companies for smoothly operating the D-Testbed
  (Specifically, there are specific categories in subsidy like building infrastructure and hiring developers for smoothly running D-Testbed)
• Promote the Regulatory Sandbox Program

Creating Safe Security Infrastructure (for Fintech Companies)

Overview

The business is to help fintech companies create an environment where they can well provide fintech services by providing two different types of subsidies

Targets

SME fintechs (under the Act on Small and Medium enterprises, which are participating in Financial Testbed, Openbanking, and Online P2P)

Contents

• Support 75% of the overall costs that companies incur
• Provide Subsidies for Fintech Companies—Companies must undergo annual inspections to determine how vulnerable their services are when registering as providers for MyData and online investment-linked financial businesses
• Provide Subsidies for Fintech Companies – This subsidy is particularly relevant for companies planning to launch their own open banking platforms. Compliance is a significant challenge in this context, and our support aims to alleviate this burden, enabling companies to focus on innovation and service quality
• (Currently, the program is not operated by Fintech Center Korea. Instead, companies who wishes to register for the program, can apply for it via FCK.)

Financial Cloud Support

Overview

The business is to encourage small and medium-sized fintech companies to test and develop their innovative services in the market by utilizing safe cloud environment

Targets

Small and Medium-Sized fintech companies under the Act on Small and Medium Enterprises

Contents

• Consultations on transfer/building: Consultations on transferring data from On-Premise or other clouds to financial clouds and building a new cloud
• Consultations on security: We provide security checklists and self-assessments guidelines

Tech Fund

Overview

Offer funds and tailored programs to expedite fintech companies’ growth, specifically those with outstanding technologies

Targets

Any fintech company with less than three years of history

Contents

• Fund for companies
  (Labor Costs(Developers), Training Fee, Consulting Fee, Technology Protection Fee, Technology Transfer Fee)
• Tailored Comprehensive Consulting Services

Customized Incubation Program: Fintech Cube

Overview

Offer a space at Front 1 in Mapo and tailored incubation program for fintech companies for their scale-up and going global

Targets

About 25 Pre-Startups and Fintech companies with less than 7 years of experience
Startups and pro-entrepreneurs in all fields recognized as fintech

Contents: Support fintech specialized AC (Accelerator)

• Comprehensive investment consulting
• 1:1 Mentoring with experts, including those in all fields of business such as investment, finance, patents, and CEOS of fintech startups.
• Networking
• Fintech-specialized training
• Promotion
• Help fintech companies to go global

Fintech Support Office

Overview

One-Stop Consulting Service Program for the needs of fintech companies by fintech experts

Contents

• General Consulting Service: Support program guide, business matching, and general inquiries
• Sandbox Consulting Service: Financial Regulatory Sandbox Program consulting, business model upgrade and innovative financial service survey (51 experts in sectors including Law, Accounting, Technology, BM and others)

Job Matching

Overview

The platform aims to increase employment in the fintech industry while minimizing the mismatch between skills and jobs by sharing information on the job market in the fintech industry

Targets

Fintech companies and job seekers in the fintech industry

Contents: Job matching by connecting activities of both online and offline, hosting seminar, job fair and connecting similar businesses

• Online: ‘Job Matching Platform’ → Manage and share information of job seekers in the fintech industry (available 24/7), Create a pool of fintech companies and talents
• Offline: Operate “Job Matching Zone”- consultation space → Certified career counselors consult with job seekers. Based on the result, they connect job seekers with relevant companies that suits them the most

Fintech Overseas Expansion Support

Overview

• Consulting: We provide consulting services – that consists of marketing, law, patent, accounting, and tax by different agencies (costs: we cover a maximum of 70%, up to 15 million KRW)
• Overseas Market Research according to demands of fintech companies
• Translation/Interpretation Services in 6 languages including English, Chinese, and Japanese (Once a month, up to 10 pages)

Targets

Fintech companies already expanded their business into overseas markets or those that aspire to

Contents

• Consulting:
  -Law: Establish overseas branches, Review business contracts, Consulting on Investments
  -Patents: Nurture fintech companies to go global through programs like overseas patent application and IP risk management
  -Accounting: Due Diligence/Compliance, Valuations, Tax Review on Investments
  -Marketing: Setting strategies, Localization, Support Commercialization Overseas
• Overseas Market Research: Current overseas fintech market trends
• Overseas Network: Hold seminars (Webinars) (Share market trends and strategies for overseas expansion)
• Translation/Interpretation Services

Korea Fintech Week

Overview

A global fintech fair to raise public awareness of fintech, share the current fintech trends, and provide networking opportunities

Targets

Fintech startups, financial authorities and institutions, Big Techs, and related organizations which wishes to promote their services

Contents

Korea Fintech Week consists of a wide range of programs such as

• Seminars
• Exhibitions
• IR Open Stage& Networking Lounge
• Mobile Business Meeting Platform
• Fintech Idea Contest: It is to

View

• Korea Fintech Week

  http://www.fintechweek.or.kr

Fintech Idea Contest

Overview

Anyone with novel fintech ideas can join the contest to better discover innovative and novel fintech ideas

Fintech Professional Training and Internship

Overview

• Fintech Specialized Teaching Materials: Publishing and Distribution own materials [Hello Fintech!]
• Fintech Online Education Platform “FinEdu”
• Pre-Internship Course: Fintech specialized program called “Fintech Internship”
• Fintech Internship with subsidies: Subsidize fintechs - which hire students completed the “Pre Internship course”
• Open and operate university credit-linked fintech specialized course and develop evaluation system

Targets

• Aspiring fintech professionals (including undergraduates and job-seekers)
• Fintech professionals

Contents

• Curriculum based on fintech-specialized training roadmap
• Tailored fintech textbooks by sectors
• Minimize Labor mismatch by matching fintech companies with students who completed “Fintech Professional Training”

Fintech Mentoring Program

Overview

The 1:1 Mentoring Service is available all year around for founders of fintech startups and pre-entrepreneurs to help them settle down their business in its early stage and ensure their sustained growth

Targets

Individuals and Startups who needs mentoring

Contents

Provide 1:1 mentoring service by matching experts in its respective fields and pre-enterpreneurs and startups who are having difficulties in fintech business (payment, remittance, Insurtech, Big Data, etc) and starting-up business (Developing BMs, law, patent, attracting investments)

Networking Day

Overview

Hold a networking event for fintech professionals, including VCs and ACs, financial institutions, and related organizations to boost the fintech industry.

Contents

A Special Night for Fintech Professionals (From 2019~)