Financial Supervisory Service Hosts Silicon Valley IR Event in the US to Support Domestic Fintech Companies' Overseas Expansion

[Asia Economy Reporter Song Hwajeong] The Financial Supervisory Service (FSS) will hold an investor relations (IR) event to support domestic fintech companies' overseas expansion in Silicon Valley, USA, and to promote Korea as a financial hub to American investors.

On the 18th, the FSS announced that it will visit Silicon Valley, USA, from the 19th to the 23rd together with the Seoul Metropolitan Government. On the 20th, the FSS and Seoul will host the "2022 Seoul Finance and Investment Attraction Conference (Financial Hub IR)" at KOTRA Silicon Valley (IT Center). About 50 participants, including local investors such as venture capitalists (VCs) and accelerators (including Plug & Play and others) connecting startups and investors, will attend this event. The FSS will introduce the current status of Korea's finance and fintech industries, the strengths of Korea's fintech sector as a digital financial hub, and the support systems provided by the financial supervisory authorities. Additionally, among the 10 fintech companies publicly recruited and selected by Seoul in September, the FSS will provide practical support throughout the entire process?including investment attraction, U.S. market entry strategy development, consulting, and follow-up fundraising?for four of these companies.

Beyond this IR event, the FSS plans to engage in in-depth discussions with U.S. financial supervisory authorities, local financial companies, fintech firms, and investors on Korea's path toward becoming a digital financial hub. The FSS intends to establish a fintech supervisory cooperation hotline with senior fintech officials from local financial supervisory authorities (FRB San Francisco, OCC Western District) to support innovative growth. Furthermore, the FSS will listen to senior officials from Silicon Valley Bank (SVBank), which funds startups based solely on technological capabilities, to learn about new financial techniques and risk management status, and explore financial support measures for Korean fintech companies.

At PayPal's global headquarters, a leading fintech company in payment and remittance sectors, the FSS will meet with technology development executives to understand the latest fintech trends, which will be reflected in future support system development for establishing a digital financial hub. Additionally, the FSS will listen to local investors such as venture capitalists and accelerators about growth and development plans for the fintech industry through timely and sufficient capital investment, as well as directions toward becoming a digital financial hub.

The FSS expects that by introducing promising Korean fintech companies in Silicon Valley, where startup activities are most active worldwide, it will be possible to expand the growth base of domestic fintech firms overseas. It also sees potential to explore the creation of a Silicon Valley-style fintech ecosystem that establishes a virtuous cycle structure where fintech companies lacking funds, financial companies, and venture capitalists with surplus capital coexist and prosper. An FSS official stated, "Following the Silicon Valley IR, the FSS and Seoul plan to hold an IR event in Singapore in November and will strive to sequentially resolve the global expansion difficulties faced by the domestic fintech industry. Moreover, the Financial Supervisory Service plans to support fintech companies' innovation through institutional support and regulatory improvements to help them grow solidly."

The FSS and Seoul plan to participate in the Singapore FinTech Festival held from November 1 to 4 to support investment attraction and overseas expansion for a total of 11 fintech companies, including five selected in September.

This content was produced with the assistance of AI translation services.