South Korea’s financial regulator is planning to provide 3.50 trillion won (US$3.03 billion) worth of low-cost loans to companies in core manufacturing industries, including shipbuilding and automobiles.Choi Jong-ku, chairman of the Financial Services Commission (FSC) announced the financial support
KB Financial Group is investing in fintech and biotech startups in Southeast Asia and India by utilizing “KB Global Platform Fund” worth 220 billion won (US$190.23 million).The group is planning to invest in Southeast Asian and Indian fintech startups early next month through its venture capital sub
The Credit Finance Association of South Korea said at a seminar on June 13 that the mobile payment and settlement market is growing fast with fintech firms emerging in the industry and existing financial companies can no longer lead payment and settlement services.In South Korea, online and offline
The growth of the fintech industry in Korea is slower than in other countries such as the United States due to an immature ecosystem and a delay in invigorating competition in the sector, the Financial Supervisory Service (FSS) said on June 6.In the United States and Europe, mega deals worth more th
The Korea Fintech Week 2019 opened at Dongdaemun Design Plaza (DDP) on May 23 for a three-day run, showcasing the latest innovations by Korean fintech companies. The event is jointly organized by the Financial Services Commission (FSC) and the Financial Supervisory Service (FSS) to improve public aw
Samsung Electronics appears to be moving to integrate cryptocurrencies to Samsung Pay, which accounts for 80 percent of the South Korean simple payment market. The company has recently transferred the blockchain task force (TF) of the mobile business division to the service business division.The blo
The Financial Services Commission and the Fintech Center of Korea announced on May 20 that the total fintech investment in South Korea reached US$520 million last year based on a rapid increase in investment in the industry.The fintech investment in South Korea began to increase in 2016 after a conc
Dunamu Inc., operator of global crypto-asset exchange Upbit, announced on May 15 that the company has invested more than 55 billion won (approximately US$46 million) since announcing a three-year plan to invest a total of 100 billion won (approximately US$84 million) into the blockchain industry in
The Financial Services Commission (FSC) held a meeting on May 3 to review and discuss its past and future efforts for financial deregulation. The meeting was presided over by FSC Vice Chairman Kim Yong-beom.The commission established the three principles for financial deregulation -- public official
Shinhan Financial Group has launched the second round of its fintech innovation hub, Shinhan Future's Lab, and decided to provide 25 billion won (US$21.92 million) of financial support to fintech firms and startups.The group held a launching ceremony at Shinhan Life’s head office in Jung-gu, Seo
The Financial Supervisory Service (FSS) is planning to enhance its financial security and risk monitoring with regard to new technologies such as simple payment, IT outsourcing and cloud services. In addition, it is going to help grow fintech startups by means of deregulation.“The financial sector n
SOMESING, a Korean startup operating a blockchain-based karaoke app, announced on March 18 that it has signed a strategic partnership with CTIA, a Singapore-based blockchain consulting firm, to cooperate in healthy development of the blockchain industry.CTIA is a consulting firm with branch offices
KB Kookmin Bank announced on March 17 that it has signed a memorandum of understanding (MOU) with Pi Pay, a leading mobile payment platform in Cambodia, at KB Bank Cambodia’s office in Phnom Penh, Cambodia,.Pi Pay, launched in 2017, is Cambodia’s largest mobile payment fintech company with 250,000 u
AIA Korea’s mobile wellness management application, AIA Vitality, was recognized for its innovation at the Maekyung Financial Product Awards. Now in its 24th year, the Maekyung Financial Product Awards recognizes original and pioneering financial products developed across all financial sectors inclu
Woori Bank announced on Feb. 26 that it has signed a partnership agreement with two Bangladesh companies as part of efforts to penetrate the country’s retail banking market.The bank formed a business tie-up with local financial product recommendation site “Bankcomparebd” through its Dhaka branch on
Domestic banks’ payment networks will be opened to outside non-bank financial companies to facilitate the creation of innovative financial products such as the simple money transfer app “Toss.” The fee for using the inter-bank payment networks will also be lowered by 90 percent.The Financial Service
The Ministry of Science and ICT announced on Feb. 26 that a new manpower training project would be launched to cover the fields of Industry 4.0 such as artificial intelligence (AI), cloud computing, big data, augmented reality (AR), virtual reality (VR), blockchain and fintech.A total of 7.9 billion
Starting from the first half of this year, 27 major securities companies in South Korea will begin the country’s first blockchain-based overseas remittance service. A number of securities firms will jointly use a closed blockchain network established jointly by the Korea Financial Investment Associa
The South Korean government has released its plan to popularize 5G mobile services which will be launched in Korea next month.“5G mobile services will contribute greatly to enhancing people’s living standards,” said Hong Nam-ki, South Korean deputy prime minister and minister of strategy and finance
South Korean cryptocurrency exchange Bithumb announced on Feb. 12 that it has recently signed a memorandum of understanding (MOU) with Abu Dhabi-based N-VELOP to establish a joint venture cryptocurrency exchange in the United Arab Emirates (UAE).The two sides aim to establish the first authorized fi