Financial Services Commission Hosts Networking Event Between Financial Companies and Fintech Firms

On the 31st, the Financial Services Commission announced that it held the 6th "Financial Company-Fintech Company Meet-Up" event at the NH Nonghyup Bank headquarters in Jung-gu, Seoul, chaired by Kwon Dae-young, Secretary General of the Financial Services Commission.

The event has been held quarterly since the end of 2023 to promote collaboration between fintech companies and financial institutions by utilizing the designated agent and consignment test systems under the Financial Innovation Act.

A total of 38 financial companies, 9 fintech companies, and 7 investment institutions participated in this event. They shared excellent collaboration cases, and 8 fintech companies proposed their business models and collaboration ideas.

The fintech companies that proposed business models can receive up to 120 million KRW per year in testing cost support from the Fintech Support Center for service development and pilot operation if they sign a consignment contract matched with financial companies.

Secretary General Kwon Dae-young stated, "Financial companies gain innovativeness, fintech companies gain scalability, and together they achieve a powerful synergy effect leading the future financial industry." He added, "We will consistently pursue regulatory improvements and policy efforts to support collaboration between financial companies and fintech."

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