- 2nd committee meeting approves ‘regulatory sandbox’ program requests for five new business models 2019-02-28
Trade, Industry and Energy Minister Sung Yun-mo chaired the second committee meeting on deliberating regulatory exemption and temporary permission requests for five new, high-tech business models at the Korea Technology Center in Seoul on February 27.
The primary aim for approving regulatory sandbox programs is to bolster innovation-driven growth by allowing companies and enterprises to keep pace with rapid technological and market changes.
After the reviews, the committee agreed to accept all of the five requests. One of them, submitted by the Korea Electric Power Corporation, was the construction of an electricity consumption data-sharing center. With this facility, the private sector will be able to make use of energy usage data and create new business cases. For instance, companies can provide better elderly care services by comparing the energy consumption patterns of senior citizens.