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Fintech Will Be Big in Korea in 2017
South Korean authorities will give 3 trillion won ($2.65 billion) across 3 years towards FinTech
FinTech operations are booming as many are reporting a promising future for the South Korean FinTech industry. The Korea Herald detailed the South Korean authorities are focused on spreading digital currency solutions, and Korean FinTech startups will likely not see much regulations from the Korean government.
Furthermore, FinTech startups will have a chance to partner up with established banks and financial institutions in Korea. Korean Big Banks like Shinhan Bank have started to look into Bitcoin’s potential and their application into global money transfers. VC/Angels investments into FinTech has been on the rise in Korea and in all of Asia by the end of 2016.
Collaboration between South Korea & Other APAC Countries
In 2016, the Korean Financial Services Commission (KFSC) and the Monetary Authority of Singapore (MAS) signed a cooperation agreement to foster greater cooperation in FinTech. Under the agreement, MAS and KFSC will explore potential joint innovation projects on technologies such as big data and mobile payments.
Later, South Korean and Indonesian fintech industry players planned to jointly develop a supportive fintech ecosystem. The collaborating Korean fintech companies include smartphone application developer Paycock, finance security and mobile solution provider Crizen Solution, digital asset trading and money transfer platform provider Korbit, among others.
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“Financial authorities should urgently find out regulations that are unique to South Korea and take advanced approaches towards how to manage such Korea-only regulations,” Kim said.
In this March, South Korea's financial regulator said it will temporarily ease a set of regulations to help boost the fintech industry. Will it make fintech big in the country in 2017? Prof. Kim will make a explanation:
FinTech APAC Connect 2017
Presentation on Day 1 (Sept. 20)
1015 Fintech Industry Development in South Korea: Opportunities and Challenges |
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Prof.
Hyoung Joong KIM
Chairman
Korean Society of Fintech |
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| PART OF CONFIRMED SPEAKERS OF FINTECH APAC CONNECT 2017 |
♦ Mr. Shri N. S. Vishwanathan, Deputy Governor, Reserve Bank of India (RBI)
♦ Mrs. Tipsuda Thavaramara, Deputy Secretary-General, Securities and Exchange Commission, Thailand
♦ Prof. Hyoung Joong KIM, Chairman, Korean Society of Fintech
♦ Mr. Ron Chiong, Associate Director, Risk and Strategy Unit & Fintech Contact Point, Securities and Futures Commission (SFC), HK
♦ Mr. John Flint, Chief Executive, Retail Banking and Wealth Management, HSBC
♦ Mr. Shameek Kundu, Global Head of Data, Technology Strategy and Innovation, Standard Chartered
♦ Mr. Micky Lo, Chief Technology Risk Officer APAC, BNY Mellon
♦ Ms. Yolande Piazza, CEO, Citi FinTech, Citi
♦ Mr. Masato Kaneda, Deputy General Manager, Digital Innovation Department, Mizuho Bank
♦ Mr. Bidyut Dumra, Head of Ecosystems, DBS Bank
♦ Mr. Satoshi Tateyama, Head of Innovation Team, APAC, MUFG
♦ Mr. Go Masuda, Vice President, SMFG Silicon Valley Digital Innovation Lab., Sumitomo Mitsui Financial Group (SMFG)
♦ Mr. Antony Lewis, Director of Research, R3
♦ Dr. Frank Tong Fuk-kay, Chief Executive Officer, Hong Kong Applied Science and Technology Research Institute (ASTRI)
♦ Dr. Leila Fourie, Chief Executive Officer, Australian Payments Clearing Association (APCA)
♦ Mr. Janos Barberis, Founder and CEO, SuperCharger Fintech Accelerator & FinTech HK
♦ Mr. Kelvin Tan, Head of FinTech and Data, Singapore Exchange (SGX)
♦ Mr. Alok Mittal, Co-founder and CEO, Indifi & Treasurer, Digital Lenders Association of India (DLAI)
♦ Mr. Jake Calaba, Head of Institutional Business, CircleUp
♦ Mr. Vinnie Lauria, Founding Partner, Golden Gate Ventures
♦ Mr. Boon Hiong Chan, Head of Market Advocacy APAC, MENA, Deutsche Bank
♦ Mr. Nektarios Liolios, Co-Founder & CEO, Startupbootcamp Fintech Singapore
♦ Contact us for more speaker details. |
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