On the 10th, Startup Alliance (CEOs Lee Ki-dae and Lim Jeong-wook) published a startup ecosystem trend report titled “Current Status of 1,035 Innovative Financial Services.” This report analyzed data on innovative financial services from the Financial Services Commission as of January 28, 2026.
According to the report, while the cumulative number of innovative financial services has increased quantitatively to 1,035, the designated companies are primarily financial institutions. While financial institutions account for 79% (818 cases) of the cumulative number of designated companies, startups account for only 10% (104 cases) and fintech companies account for only 4.3% (45 cases). The report analyzed that the sandbox system’s utilization tends to be concentrated among existing financial institutions.
Furthermore, while 39% (404 cases) of the 1,035 cumulatively designated cases have been launched, the report explained that launches may be delayed or put on hold depending on the level of business preparation, market conditions, and regulatory issues. The report emphasized that the actual performance of the sandbox system should be evaluated not on the designation and launch itself, but rather on the transition from launch to formal approval and institutionalization.
Regarding the transition phase, the report pointed out that transparency in the transition criteria and rationale determines institutional trust. It added that if a system is excluded from institutional integration despite demonstrating meaningful results during the pilot phase, the basis for the decision must be clear and transparent. Otherwise, trust in the system itself risks being undermined.
Citing the UK as an example of an international case, the study analyzed that regulatory sandboxes not only serve as a platform for startups to test their services, but also support innovation and ecosystem growth through licensing transition systems, data and market infrastructure support, and supplementary public capital. Comparing the UK’s 18 fintech unicorns with Korea’s three, the study emphasized the need to go beyond simply expanding the number of designated unicorns and strengthen the pathways for institutional integration after demonstration.
Lim Jeong-wook, co-CEO of Startup Alliance, said, “The regulatory sandbox is important in ensuring that the transition path from proven innovations to official approval and institutionalization operates transparently,” adding, “When there is a clear signal that policies support innovative industries, the possibility of increased investment and startup growth increases.”
The full Startup Alliance Report, available for download on the website, provides an in-depth analysis of the domestic startup ecosystem and policy issues, and presents strategic directions.
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