Kim So-Young, Vice Chairman of the Financial Services Commission, "Actively Supporting Fintech Overseas Expansion"

by Yoo Jaehoon

Published 24 Apr.2023 09:55(KST)

Kim So-young, Vice Chairman of the Financial Services Commission, is delivering a opening remark at the Financial Industry Globalization Task Force held on the 13th at the Government Seoul Office in Jongno-gu, Seoul. Photo by Yoon Dong-joo doso7@

Kim So-young, Vice Chairman of the Financial Services Commission, stated on the 24th that she will actively support the overseas expansion of domestic fintech companies to foster their growth.

Vice Chairman Kim attended the “On-site Meeting to Revitalize Global Expansion of Fintech Companies” held at Front1 in Mapo, Seoul, and said, “Global expansion is an essential task for domestic fintech companies to grow through innovative financial models.”

The meeting, organized to listen to field opinions during the policy direction establishment process for fintech companies’ overseas expansion, was attended by related organizations including the Financial Services Commission, private experts, the Fintech Industry Association, representatives of eight fintech companies, financial holding companies (KB, Shinhan, Woori), and banks (Hana, NH Nonghyup).

Vice Chairman Kim said, “To effectively support fintech companies’ entry into overseas markets, we will provide step-by-step support from local information provision to overseas expansion bases,” adding, “We plan to support the establishment of overseas bases by utilizing local incubation spaces such as overseas fintech labs.”

Three fintech companies attending the meeting presented successful cases of overseas expansion supported by policies such as the financial regulatory sandbox, fintech innovation fund, and overseas expansion consulting, as well as support from financial companies, sharing their experiences of expanding business models in countries like Vietnam and Indonesia.

The fintech industry requested continuous investment support for promising fintech companies, expanded provision of overseas market information and overseas expansion consulting, and activation of networks for collaboration with local financial companies and fintech firms to promote overseas expansion. In response, financial companies shared the performance of domestic and overseas fintech labs and expressed their commitment to actively support fintech companies’ overseas expansion.

Private experts also offered advice for fintech companies’ overseas expansion. At the meeting, Jung Yoo-shin, Director of the Digital Economy and Finance Institute, proposed discovering professional manpower matching companies and providing educational support, as well as supporting tech company recruitment connections for foreign students studying in Korea to activate fintech companies’ overseas expansion.

Seo Byung-ho, a researcher at the Korea Institute of Finance, emphasized the need for small fintech companies to actively utilize collaboration with domestic financial companies that have entered overseas markets, while Cho Jae-bak, head of Samjong KPMG, mentioned systematic provision of overseas information to fintech companies, opportunities to connect domestic financial companies with overseas investors, and expansion of related consulting.

The Financial Services Commission plans to prepare global policy support measures across all sectors based on the suggestions raised at this meeting. Vice Chairman Kim stated, “Revitalizing fintech companies’ global expansion is an indispensable policy task for the fintech industry’s leap forward,” adding, “We will link overseas expansion and investment by providing information on overseas venture capital, accelerators, and global funds with mandatory Korean investment ratios, and the Fintech Support Center will take the lead in aggregating and recommending overseas expansion information and support projects.”