Fintech-Financial Company Collaboration Promotion... FSC Hosts Mutual Meeting Event

The Financial Services Commission announced on the 3rd that it held the 5th 'Financial Company-Fintech Company Meet-Up Event' at the Hana Bank headquarters in Myeongdong, Jung-gu, Seoul.

The Meet-Up event is designed to promote communication and collaboration between financial companies and fintech firms. Fintech companies deliver their strengths and services to various financial companies through a single presentation, while financial companies conveniently receive introductions to innovative collaboration items proposed by various fintech companies all in one place.

This event began with a congratulatory speech by Kwon Daeyoung, Secretary General of the Financial Services Commission, followed by an explanation of Hana Bank’s '1Q Agile Lab' (Hana Bank’s fintech support program) and an introduction to the designated agent consignment testing system by the Korea Fintech Support Center. Then, ‘ReturnZero,’ which succeeded in collaborating with banks following the first event, presented a best practice case, and nine fintech companies hoping to collaborate with financial companies presented their services.

In his congratulatory speech, Secretary General Kwon stated, “The government will support regulatory improvements suitable for the digital environment, incubate small and medium fintech companies, and promote the overseas expansion of domestic fintech to facilitate the digital transformation of finance. In addition, we will encourage stronger collaboration between financial companies and fintech firms.”

The nine fintech companies that presented at this event were selected by the Fintech Support Center based on a comprehensive evaluation of △service innovation and △collaboration potential with financial companies. If these presenting companies are matched with financial companies after the event and enter into consignment contracts, they can apply for test cost support of up to 120 million KRW per company annually for service development and pilot operation.

원본보기 아이콘

Meanwhile, the Financial Services Commission explained that among the total of 32 fintech companies that presented their innovative services to financial companies and investment institutions in the previous four events, 75% (24 companies) decided to collaborate with financial companies through the designated agent or consignment testing system. Some companies have completed consignment contract signing and testing and have reached the stage of commercialization. At the 4th event held last September, 6 out of 8 presenting companies decided to pursue collaboration.

© The Asia Business Daily(www.asiae.co.kr). All rights reserved.