Anna Jiwon Park has been covering the politics at The Korea Times since the summer of 2024, when she joined the press pool for the Office of the President in Korea. Prior to that, she spent about five years reporting extensively on financial markets, regulatory authorities and the financial industry. She joined The Korea Times in 2019 after spending eight years as a broadcast journalist at Arirang TV, Korea’s leading global broadcaster, covering politics, defense and culture.
Korea Fintech Week 2023 brings financial giants and startups together
Sopnendu Mohanty, chief fintech officer at the Monetary Authority of Singapore (MAS), delivers a keynote speech for the opening ceremony of Korea Fintech Week 2023 at Dongdaemun Design Plaza in Seoul, Wednesday. Korea Times photo by Anna J. Park
By Anna J. Park
Annual global fintech event draws 107 domestic and foreign firms, organizations
By Anna J. Park
Korea's fintech sector will be strengthening partnerships with major financial groups, seeking win-win strategies in an accelerated digital transformation era. While fintech enterprises can spur the development of traditional financial giants by providing innovative business-to-business (B2B) models, fintech venture firms' ingenious services will also reach a wider number of customers, utilizing major financial groups' platforms.
The closer partnership between the fintech industry and the major financial groups is also one of the three main policy directions set by the Financial Services Commission (FSC), the country's top financial regulator, to support the sustainable growth of the local fintech sector.
Financial Services Commission Vice Chairman Kim So-young, left, and Woori Financial Group Chairman Yim Jong-yong pose in front of an NFT published by Woori Bank at Korea Fintech Week 2023 in Dongdaemun Design Plaza in Seoul, Wednesday. Korea Times photo by Anna J. Park
During an opening speech at the Korea Fintech Week 2023 in Seoul on Wednesday, FSC Vice Chairman Kim So-young said the financial authority will support fintech firms' global expansion and cooperation with major financial groups, and ease regulations on the industry.
The vice chief of the FSC said infrastructures and business models set up at the early phase of digital transformation have stabilized while the fintech industry's diversity and innovation have somewhat slowed. To counter the situation, the FSC will facilitate fintech firms' global expansion by providing tangible support, such as linking overseas investors and sharing international human resources.
“Now is the time when domestic fintech companies need to scale themselves up by making the most of their excellent technologies and ideas to make forays into overseas markets to overcome the limitations of the local market size,” FSC Vice Chairman said.
He further elaborated that that the collaboration of financial giants and fintech startups in the B2B areas, such as the development of alternative credit rating systems utilizing the information and technological capabilities of fintech companies, is expected to lead to new growth in both the fintech sector and major financial groups.
“The FSC also plans to streamline the scope of eligible outsourcing tasks in the financial businesses, in order to allow various forms of collaboration,” he emphasized.
Heads of major financial groups and fintech firms vow to support the local fintech industry during the opening ceremony of the Korea Fintech Week 2023 at Dongdaemun Design Plaza (DDP) in Seoul, Wednesday. They are, from left, BNK Financial Group Chairman Bin Dae-in, DGB Financial Group Chairman Kim Tae-oh, KB Financial Group Chairman Yoon Jong-kyoo, NH Financial Group Chairman Lee Suk-joon, Woori Financial Group Chairman Yim Jong-yong, Rep. Yun Chang-hyun of the ruling People Power Party, Financial Services Commission Vice Chairman Kim So-young, Shinhan Financial Group Chairman Jin Ok-dong, Hana Financial Group Chairman Ham Young-joo, Naver Pay CEO Park Sang-jin, Kakao Pay CEO Shin Won-keun, and K-Growth CEO Huh Sung-moo. Courtesy of FSC
An MOU signing ceremony among financial groups, big-tech companies and fintech firms was held during the opening ceremony of the annual fintech event. Titled “Agreement for enhanced collaboration and support in fintech investment ecosystem,” the business agreement aimed at supporting the local fintech industry and discovering new innovators of the sector through a fintech innovation fund. The fund will inject a total of one trillion won ($750 million) until 2028.
Financial Services Commission Chairman Kim So-young, left, and Naver Pay CEO Park Sang-jin, center, listen to a presentation at the Naver Pay booth set up during Korea Fintech Week 2023 at Dongdaemun Design Plaza in Seoul, Wednesday. Courtesy of Naver Pay
Under the theme of “The New Wave of Fintech,” the Korea Fintech Week 2023, a three-day annual global expo for the fintech industry, will be held until Friday at Art Hall, Dongdaemun Design Plaza (DDP) in Seoul. A total of 107 local and foreign companies and institutions, including financial groups, big tech and financial venture firms, have participated in the event to promote their services.
Twelve different seminars will examine the latest trends and global issues in the sector. Various programs, such as investor relationship (IR) open stages which allow fintech firms to showcase solutions, fintech professional mentorship and on-site fintech consulting are also being held to promote the industry's growth.
Toss founder and CEO Lee Seung-gun, top right, presents new security features of a financial app in front of participants at the Toss booth set up during Korea Fintech Week 2023 at Dongdaemun Design Plaza in Seoul, Wednesday. Courtesy of Toss
International financial organizations, including World Bank, EBRD, IFC and UNIDO among others, also participated in a joint session held on Wednesday afternoon. They explored the outlook of the industry and policies, while identifying cooperative models between promising startups in developing countries and Korean fintech firms.