AI-driven fintech is key for Korea to become global financial hub

Syuka, a renowned influencer in the Korean economic and financial sector, gives a lecture about AI and fintech during the Open Talk session at the 2023 Seoul Fintech Week at Dongdaemun Design Plaza (DDP), Thursday. Courtesy of Seoul Metropolitan Government

Syuka, a renowned influencer in the Korean economic and financial sector, emphasized the importance of Korean fintech startups developing AI-driven financial services that are easily accessible, Thursday, adding this strategic move could help position Korea as a new financial global hub.

In the Open Talk session at the 2023 Seoul Fintech Week held at Dongdaemun Design Plaza (DDP), Syuka delivered a 40-minute lecture about AI and its prominent role in the fintech space, particularly among startups.

Syuka, a YouTuber with more than 2.7 million subscribers, is renowned for presenting engaging stories about the economic and financial sectors through various TV shows and his YouTube channel, Syuka World. Additionally, he was appointed as an ambassador of Seoul this year.

“Today I want to talk about why there is a high level of interest in fintech startups, even in the middle of economic challenges," he said.

Introducing the case of DBS Bank, a multinational financial services corporation headquartered in Singapore, Syuka underscored the significance of integrating technology into finance.

Syuka, a renowned YouTuber, answers questions from the audience during the 2023 Seoul Fintech Week at Dongdaemun Design Plaza (DDP), Thursday. Courtesy of Seoul Metropolitan Government

After Piyush Gupta became CEO in 2009, the bank directed its efforts towards making banking services more accessible and user-friendly. Under the slogan "Live more, Bank less," the bank aimed to streamline banking processes and re-platform its system.

The bank also introduced DBS Marketplace, a super app which seamlessly integrates various aspects of daily life, including real estate, automotive services, travel and leisure, education and health care.

Currently, DBS has more than 180 local subsidiaries in 19 countries, including Indonesia, India, China, Hong Kong and Taiwan. Moreover, Singapore stands in the limelight as a financial hub of Southeast Asia. According to the Global Financial Centres Index 2024, Singapore holds the third position globally and maintains leadership in Asia, surpassing Hong Kong.

The bank didn't stop at just implementing technology into the system; it also invested in educating employees on new technologies, including AI. This initiative proved to be highly effective in fostering the development of new ideas.

"Now is the opportune moment for fintech startups to drive significant change in Korea's financial landscape," Syuka said.

He pointed out that language is Korea’s major limitation to becoming a global financial hub. Given that Korea isn't an English-speaking country, it faces challenges in developing a system that could be utilized universally.

However, he believes that AI holds the key to overcoming this limitation. ChatGPT, for instance, supports more than 50 languages, including Korean. He envisions that leveraging this system to break down language barriers will be instrumental.

“With the advent of the AI era, Korea has a genuine chance to emerge as a new financial global hub, provided fintech startups effectively integrate AI with finance,” he said.