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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.

Finance

Lucentblock says its STO technology stolen after seven years, files complaint with FTC

Lucentblock said it was unfairly treated in the financial authorities’ approval process for an over-the-counter token securities (STO) exchange and filed a complaint with South Korea’s Fair Trade Commission. CEO Se-young Heo alleged NextTrade approached the firm under the pretext of investment, signed an NDA, obtained key technology and other sensitive information, then scrapped the contract and applied for approval on its own. Lucentblock said rejection would effectively force it to shut down.

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