Application for Innovative Financial Services Designation

Client A envisioned a business model that can solve currently increasing social problems related to the “lease on deposit and monthly rent mismatch” and “lease on deposit” and visited Cha & Kwon Law Offices for legal consultation in applying for the designation of innovative financial services.

Innovative Financial Services — a regulatory sandbox — grants exceptions to the application of regulations for financial services recognized for their innovative and distinguishable aspects regarding the content, method, or form of service provision.

Just as patents are important for competitiveness in the manufacturing industry, it is crucial to explain the need for special regulatory exceptions for such services, without neglecting the purpose of laws and regulations applicable to business models.

Furthermore, considering the possibility of future business expansion, it is just as important to carefully select regulations and apply for which special regulatory exceptions will be evaluated. For the above reasons, it is ever more imperative to seek legal assistance from an attorney with expertise in financial-related laws.

Cha & Kwon Law Offices currently provides legal consultation to various fintech companies, assisting essential tasks such as business registration and navigation through the regulatory sandbox, in line with the rapidly changing fintech market environment and institutional changes.