Search results for Financial Regulatory Sandbox
Crypto
Sh Suhyup Bank joins InfiniteBlock prepaid funds verification solution pilot
Sh Suhyup Bank will take part in a pilot of InfiniteBlock’s blockchain-based solution for managing prepaid electronic payment instruments. The bank said on Oct. 7 it will join a financial regulatory sandbox consignment test of InfiniteBlock’s issuance and records management solution and run the pilot for 1 year. The system records and manages issuance and transaction data on a blockchain, enabling real-time verification of outstanding balances and deposits.
Finance
Big tech financial platforms tighten internal controls; banks compete for young customers
Internal controls for fintech financial platforms are being tightened as concerns grow that system failures in payments, transfers and top-ups could quickly harm consumers and erode trust. Financial authorities have urged big tech e-finance operators to build IT stability and internal control systems comparable to traditional financial firms, while also revising support tools such as the financial regulatory sandbox. Banks are also stepping up competition for young customers as a youth savings product draws strong early demand.
Finance
Financial regulatory sandbox to be overhauled for fintech
South Korea\'s financial authorities will overhaul the financial regulatory sandbox to make it more fintech-friendly, focusing on lowering entry barriers for startups and strengthening exit strategies into regulated finance after the sandbox ends. The Financial Services Commission said it will revamp the innovative financial services framework across its full cycle. Measures include expanding exclusive operating rights, increasing cost and insurance support for smaller firms, adjusting screening standards for fintech and accelerating regulatory review for successful services.