Seoul to invest W5 tril. to become fintech powerhouse

Seoul mayor Oh Se-hoon delivers a congratulatory speech at the opening ceremony of Seoul Fintech Week 2023 at Dongdaemun Design Plaza (DDP) in Seoul, Wednesday. Courtesy of the Seoul Metropolitan Government

Seoul Fintech Week 2023 kicks off three-day run

By Anna J. Park

Seoul Mayor Oh Se-hoon vowed Wednesday to inject a total of five trillion won ($3.7 billion) to foster fintech startups into unicorns and transform the capital into a global fintech powerhouse.

In his opening speech at Seoul Fintech Week 2023 at Dongdaemun Design Plaza (DDP), Oh said the city government is supporting fintech businesses at each stage of growth through Invest Seoul, the investment arm of the metropolitan government, as well as Seoul Fintech Lab. The five trillion won will be raised through the Seoul Vision 2030 Fund over the next four years.

“While the global financial industry is experiencing a major digital transformation amid an unprecedented freeze-up in the investment sector due to the global monetary tightening and economic recession, the current crisis will offer a new opportunity and challenge for Seoul," the mayor said. "Seoul dreams of becoming one of the top five financial cities in the world, based on numerous fintechs headquartered in Seoul along with diverse global financial institutions operating in the city," Oh added.

Seoul also plans to secure a 50,000-square-meter space in Yeouido, the financial district of the capital, to nurture a fintech ecosystem and infrastructure, aiming to rebrand the city as a digital financial hub.

Financial Supervisory Service (FSS) Governor Lee Bok-hyun gives his welcome address at the opening ceremony of Seoul Fintech Week 2023 at Dongdaemun Design Plaza (DDP) in Seoul, Wednesday. Yonhap

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Financial Supervisory Service (FSS) Governor Lee Bok-hyun, who also gave a welcome address at the event, said the financial watchdog will attempt to ease fintech regulations. At the same time, he vowed to implement more sophisticated financial security systems to prevent hacking or information leaks.

The FSS chief also focused on strengthening cooperation and communication between financial authorities, fintech businesses and financial companies.

"By proactively pursuing regulatory easing and close communication, the FSS will try to ensure that fintech startups that are equipped with new technologies and ideas are given ample opportunities for innovation," Lee said. "We will also expand business opportunities for fintech companies by solidifying various collaborative models with financial companies, such as technology sharing and joint overseas expansion, in order to continue responsible innovations for financial consumers," Lee added.

Seoul mayor Oh Se-hoon, center, listens to a fintech entrepreneur's presentation, as he stands next to Financial Supervisory Service (FSS) Governor Lee Bok-hyun, right, during Seoul Fintech Week 2023 at Dongdaemun Design Plaza (DDP) in Seoul, Wednesday. Yonhap

Under the theme of "How Fintech Will Transform Our Lives," this year's Seoul Fintech Week will be held until Friday, showcasing global conferences, exhibitions and interactive workshop sessions. The annual event is hosted by the Seoul metropolitan government to increase the city's digital financial competitiveness, while joined by the FSS and major financial companies.

On Thursday, the second installment of the three-day event, Syuka, a mega YouTube influencer on economic issues with over 2.8 million subscribers, will give a lecture on the impact of artificial intelligence (AI) on fintech businesses. A global fintech insight forum hosted by the Seoul city government and the Korea Fintech Industry Association (KORFIN) will also be held later in the day, inviting experts from Singapore and Hong Kong.

On the final day of the annual event, the "FinToday - The 2nd Seoul Fintech Lab Demoday" as well as "2023 Seoul Fintech Week Demo Day with Industrial Bank of Korea (IBK)," will be held along with other sessions, jointly held by financial companies.