Abstract

To determine the micro-operating mechanism(MoM) of enterprises participating in the regulatory sandbox policy in fintech, this study analyzes the structure of enterprise innovation competencies and derives relevant implications. The results reveal that large, middle-standing, and small and medium-sized enterprises focus on security, infrastructure, and user-related technology development, respectively, to enhance their innovation competencies. The security-related issues considered by large enterprises entail relatively high costs in initial technology development and are closely related to infrastructure building. Large enterprises are focused on developing overall security-related technologies, whereas middle-standing enterprises are striving to develop infrastructure-related technologies, with particular emphasis on elementary technologies. Small and medium-sized enterprises are also making efforts to develop user-centered technologies that can directly be used in fintech. As a method to implement regulatory sandboxes tailored to the needs of participating enterprises in South Korea, this study will help to determine the MoM of such participants and establish strategies to support them sustainably in terms of evidence-based policy.

Highlights

  • Many countries around the world are implementing regulatory reform through regulatory sandboxes, which were first attempted in the fintech field as a way to create new technologies and services that have been blocked by regulations [1,2,3]

  • This study examined the MoM of enterprises participating in the regulatory sandbox policy in fintech

  • This study aimed to analyze the innovation competencies of enterprises participating in regulatory sandboxes in fintech

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Summary

Introduction

Many countries around the world are implementing regulatory reform through regulatory sandboxes, which were first attempted in the fintech field as a way to create new technologies and services that have been blocked by regulations [1,2,3]. This study focuses on the innovation capabilities of Korean companies participating in the regulatory sandbox within the fintech sector and aims to help establish a tailored policy based on a company’s characteristics. To evaluate these ideas, this research utilized semantic analysis focusing on the contents and titles of patents, which are unstructured data, to overcome the limitations of earlier studies [6,7]. The former research mainly focused on the frequency and regional distribution of patents, so there was a limitation to utilize (unstructured data) the contents of patent creation. The micro-operation mechanism implies that it is necessary to design policies suitable for each characteristic by analyzing micro-structural characteristics appearing in the process of actual system implementation

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