The FSC – South Korea’s Financial Services Commission – has revealed the first names of financial service providers, which will operate under the newly issued financial regulatory net.

The FSC launched the regulatory sandbox (Sandbox) for licensed corporations and start-up firms on April 1 as the Special Act on Financial Innovation Support becomes officially effective.

The FSC regulators have announced the shortlist of 19 corporations that will be put up for priority review. Out of these companies, 9 have been authorized to initiate the testing phase for their innovative services and products under the new regulatory sandbox.

The selected firms are reported to be some of the heavyweights across different fields such as banking and finance, real estate or insurance in South Korea, including KB Kookmin Bank, Shinhan Card, NH Property and Casualty Insurance, Rainist and a few other more.

The corporations will begin the testing phase, and have to ensure that their products and services are trustworthy and fit for the regulated business such as e-payment services, p2p financial services, along with mobile communication services, blockchain technology, credit card payment service using QR codes and other.

“For the remaining 10 applications, the FSC will soon decide whether to accept them into the regulatory sandbox at its meeting scheduled for May 2, 2019,” the FSC added.