▲ Korea Fintech Week 2023 begins at Dongdaemun Design Plaza in central Seoul on Aug. 30, 2023. (Yonhap)

fintech-global expansion

FSC to support global expansion of S. Korea's fintech industry

SEOUL, Aug. 30 (Yonhap) -- South Korea's financial regulator vowed Wednesday to help the global expansion of the country's fintech companies, saying a support system is needed for sustainable development of the industry.

The Financial Services Commission (FSC) will strengthen support for fintech firms trying to break into global markets and cooperation between fintech firms and traditional financial companies, Kim So-young, vice chairman of the FSC, said in an opening speech of the Korea Fintech Week 2023.

The event, which runs from Wednesday to Friday, will be themed around the "new wave of fintech" and attended by 107 local and foreign companies and institutions, including the U.S. Embassy in Seoul, Invest Hong Kong and Abu Dhabi Investment Authority.

Kim said the FSC will also work to improve regulations, such as on network separation, to allow fintech companies to push for more financial innovation.

During the event, major financial groups in South Korea, including KB Financial, Shinhan Financial, Woori Financial and Hana Financial, fintech firms, including Naver Financial Corp. and Kakaopay Corp., and related authorities signed a deal to create a fund to invest an additional 500 billion won (US$378.6 million) in fintech companies by 2027.

On top of the 500 billion-won fund created for use between 2020 and 2023, fintech companies will receive a total of 1 trillion won in support by 2027.

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