This Act is enacted for the purpose of creating a safe environment for experimentation involving innovative financial technologies (referred to as “innovative experimentation” hereunder) to develop technology-based innovative financial products or services, facilitate the development of inclusive financial systems and financial technologies, and put into effect the protection of innovative experimentation participants (referred to as the “participants” hereunder) and financial consumers.

The term “competent authority” as used in this Act shall mean the Financial Supervisory Commission (“FSC”).
To develop innovative financial technologies, assist in innovative experimentation applications, and review and evaluate the feasibility and effectiveness of innovative experimentation in a professional manner, the competent authority should have a dedicated unit in place to handle related matters.

The term “innovative experimentation” referred to in this Act means utilizing technological innovation or business model innovation to undertake experimentation of financial businesses that requires the permission, approval or concession of the competent authority.