Koreans Have More Job OpportunitiesEndy Callahan
South Korea keeps developing and that’s happening thanks to the intensive growth occurring in many essential spheres, such as business, technology, and science. The local mass media sources have recently announced that the country’s regulatory sandbox has finally promoted several promising projects. Their mission resulted in a great opportunity of three hundred and eighty jobs. Most of the newly opened working places are related to the blockchain. The entire project required an impressive amount of investments – the team spent more than one hundred and ten million USD to make their ambitious plan reality.
Nowadays this event is of utmost importance. The post-pandemic crisis may lead to many serious issues and people will need new jobs to earn their living. Fintech jobs and blockchain positions attracted dozens of investors willing to help the project become effective.
Support and Supervision from the FSC
There is a financial regulator and the government oversees the sandbox. The Financial Services Commission (FSC) is responsible for supervision and control. The organization gives permission and allows companies to exist with fewer restrictions and limitations. This helps firms to offer financial services yet keep growing and developing their innovative methods and approaches.
The mass media reports that the government chose sixteen major companies – all of the brands have great potential and their ideas sound realistic yet promising. The scheme seems successful since they have managed to draw investors who offered over one hundred and thirty billion Won (110 million USD).
The authorities sponsor the program and this allows the involved companies to pursue business across fourteen countries in Asia. The list includes Vietnam, Thailand, and Indonesia.
The Commission has determined and assessed the effectiveness and safety of blockchain technology and found out how companies can apply those methods in chatbot services, real estate, and credit evaluation using artificial intelligence.
Expansion of the testing Environment
What the South Korean government does can serve as a good example for other Asian countries. They have proved that it’s possible to help innovative technologies bloom without restrictive measures by involving investors.
This year is likely to be very productive and busy for the FSC. The officials will hold conventions during which they will discuss and analyze new ways of improvements in credit, insurance, banks, and other sectors.
Cointelegraph keeps an eye on the currents events and, once their team finds out something outstanding, informs about the latest results. Last week, the agency reported that the Commission authorized several companies. Nine brands obtained permission and some of these companies are related to blockchain. They will also have a chance to operate in the sandbox.
Bithumb also paid attention to the importance of the Korean project. The exchange announced that they were ready and willing to invest more than eight million USD into the sandbox in South Korea. If there are more projects of this kind, it will be much easier for the local authorities to solve issues related to the unemployment of hundreds of people around the country.
Despite the financial situation and all the trouble that the coronavirus has brought to the world’s economy, it is quite a positive trend in many countries proving that there some certain solutions governments can use to help the population survive the crisis. The development of new technologies and projects offers new job opportunities, better earnings, and stability.
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