Fintech Initiative
“As online and mobile transactions at home and abroad are growing, the trend of financial technology [fintech] in other countries is likely to have a huge impact on the local financial industry,” said Chairman Shin Jae-yoon of the Financial Services Commission at a banking circle meeting on Feb. 10.
The event was aimed to revitalize an ecosystem for fintech. Representatives of financial companies related to the fintech ecosystem such as banks, fintech firms, security companies, and venture capital firms participated in the event.
The chairman remarked that the U.K. government is providing support for the fintech industry, stressing that the government alone cannot create a fintech ecosystem. He indirectly criticized the local financial companies' complacency.
Shin said, “In the U.K., Barclays Capital is advising and making an investment in fintech companies. In the U.S., 15 financial institutions, including Bank of America and Credit Suisse, are supporting fintech start-ups.” He pointed out, “If financial companies do not change, they will be unable to succeed in the fintech sector.”
He reminded participants that financial companies should make fintech companies their subsidiaries and challenge themselves, which was first mentioned at a forum held on Feb. 3.
Shin Hye-sung, head of fintech company WADIZ, commented on crowdfunding by saying, “I think that if large financial institutions cooperate more with each other to foster the fintech industry, many startups will be established in the sector. It will also be possible to implant the innovative DNA of fintech start-ups into financial institutions.”
Woo Suk-won, vice chairman of the National Agricultural Cooperative Federation, remarked, “Some suggested replacing an accredited certificate with another one. However, financial companies have already accumulated a lot of data, and they are running their business in the existing system.” He pointed out, “From the perspective of financial companies, there is a certain limit to introducing new technology that is untested in security.”