FSC, Singapore ink fintech MOU

By Nam Hyun-woo

Cooperation in financial technology, or fintech, is the subject of a new memorandum of understanding signed with the Monetary Authority of Singapore, the Financial Services Commission (FSC) said Monday.

During the 12th FinTech Demo Day event, hosted by the FinTech Support Center of Korea, the two sides agreed to consider launching joint projects on core fintech technologies such as mobile payment, blockchains and big data.

The MOU includes details on holding meetings between the two countries and manpower exchanges on fintech information, as well as exchanges on fintech-related regulations, policies, market trends and technologies.

An FSC official said: “With the signing of the MOU, the basis of fintech cooperation between the two countries has been significantly strengthened, and we expect it will help our fintech companies to obtain local information needed to enter overseas markets and form global networks.”

During the demo day event, the center announced that it has opened the FinTech Integrated Portal, which will serve as an online communication channel for firms, investors and general users.

Five local fintech firms demonstrated their services during the event. “This event was participated by venture capitals, providing a good opportunity for us to exchange contact information with investors and discuss terms,” the official said.

FSC Chairman Yim Jong-yong, Singaporean Ambassador to Korea Yip Wei Kiat and acting U.K. Ambassador to Korea Sue Kinoshita participated.

During the event, Yim pledged that the government will invest 3 trillion won ($2.65 billion) over the next three years to support fintech firms. Also, he said the FSC plans to launch a consortium among local financial firms to study blockchain technology.