Financial Services Commission "Supporting Fintech Companies' Overseas Expansion, Strengthening Collaboration with Financial Firms"

Opening of 'Korea Fintech Week 2023' on the 30th

At the 'Korea Fintech Week 2023' held on the 30th at Dongdaemun Design Plaza in Jung-gu, Seoul, Naver Pay Face Payment is being unveiled. Photo by Jinhyung Kang aymsdream@

On the 30th, the Financial Services Commission announced at the opening ceremony of 'Korea Fintech Week 2023' that it will support the global expansion of fintech companies and strengthen collaboration with financial institutions.

Kim So-young, Vice Chairman of the Financial Services Commission, attended the event held at the Art Hall of Dongdaemun Design Plaza (DDP) in Seoul and stated, "Continuous growth of the fintech industry is necessary," adding, "As the infrastructure and business models established in the early stages of digital transformation stabilize, the emergence of new innovative financial services is decreasing, showing signs of stagnation in fintech diversity and innovation."

She continued, "Building a system to support the fintech industry's leap forward is important," and outlined the future direction of fintech policies. She emphasized that for fintech companies to grow beyond the domestic market, global expansion is essential. She said, "We will strengthen practical support such as providing fintech companies with overseas local information and bases for global expansion, connecting them with foreign investors, and sharing overseas talent pools."

To promote cooperation between fintech companies and financial institutions, plans are in place to improve regulations related to the scope of work. Vice Chairman Kim said, "We will create a platform for discussions to build partnerships such as fintech investments by financial institutions, sharing human and material resources, and joint overseas expansion," adding, "We will also pursue improvements to the consignment and delegation system to strengthen cooperation between financial institutions and fintech companies."

Rationalization of regulations was also proposed. Policies to support the use of pseudonymized information by small and medium fintech companies for quick and convenient data integration will be promoted, and measures to rationalize regulations related to network separation will be reviewed.

'Korea Fintech Week 2023' is a global expo featuring domestic and international fintech companies and experts, held over three days from today until July 1. Alongside, a 'Business Agreement Ceremony to Strengthen Support for the Fintech Investment Ecosystem' focusing on the second phase of the 'Fintech Innovation Fund'?which will be intensively invested in fintech companies and the industry?will also take place. Including this second phase, a total investment of 1 trillion KRW will be made in fintech companies over eight years from 2020 to 2027.

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