Financial watchdog to promote Korean fintech firms in Silicon Valley

A promotional image of the Seoul Finance Conference and Fintech Startup Pitch Event that will be held in San Jose, California, Sept. 20 / Courtesy of Invest Seoul

By Lee Min-hyung

The Financial Supervisory Service (FSS) plans to hold an investor relations (IR) event in Silicon Valley in the United States next week to raise awareness of Korean fintech firms and attract foreign capital.

The Seoul Finance Conference and Fintech Startup Pitch Event will be held on Sept. 20, where a group of 50 startup accelerators and investors will take part to introduce the Korean fintech industry and competitiveness of local startups.

The FSS is now supporting four fintech firms' overseas inroads, helping them tap further into the U.S. market by attracting investments there. The watchdog will also hold a conference with its U.S. counterparts, local financial firms and fintech startups there, so the Korean companies can catch up with the latest market trends and regulatory environments there.

The authority also shared plans to establish a hotline with U.S. regulators for future cooperation in the financial sector.

Officials from the watchdog will listen to latest market information from local investors and venture capital firms, with a view to increasing the possibility of attracting more investments for Korean startups, the FSS said. It plans to hold another IR conference in Singapore in early November.

“We will relieve difficulties that Korean fintech firms face ahead of their global expansion,” an FSS spokesman said. “The authority will also step up institutional support and improve regulatory hurdles, and help fintech firms develop in a sustainable manner.”

The upcoming event will be held at KOTRA Silicon Valley in San Jose, California.