The Financial Services Commission (FSC) has pledged to assist the international growth of South Korea’s fintech companies, stressing the need for a supportive system for the industry’s lasting development. Kim So-young, vice chairman of the FSC, made the announcement during the opening ceremony of the Korea Fintech Week 2023.
The event, which will take place from Wednesday to Friday, will be dedicated to the “new wave of fintech” and feature 107 local and foreign companies and organizations, including the U.S. Embassy in Seoul, Invest Hong Kong and Abu Dhabi Investment Authority.
Kim further mentioned that the FSC will strive to improve regulations, such as on network separation, to allow fintech firms to pursue more financial innovation.
In addition, major South Korean financial groups, including KB Financial, Shinhan Financial, Woori Financial and Hana Financial, fintech companies, such as Naver Financial Corp. and Kakaopay Corp., as well as related authorities have come together to create a fund of 500 billion won (US$378.6 million) to be invested in fintech companies by 2027. This is in addition to the 500 billion-won fund created for use between 2020 and 2023, bringing the total support for fintech companies to 1 trillion won by 2027.
Korea Fintech Week 2023 was held at Dongdaemun Design Plaza in central Seoul on Aug. 30, 2023. (Yonhap)