S. Korea and France to Bolster Fintech Cooperation

South Korea, aiming to become the hub of Asia’s financial technology (fintech) sector, signed a memorandum of understanding with France on Monday. (Image Courtesy of Yonhap)

SEOUL, May 30 (Korea Bizwire) – South Korea, aiming to become the hub of Asia’s financial technology (fintech) sector, signed a memorandum of understanding with France on Monday. The agreement included sharing related information and supporting each other’s fintech firms. A partnership with France, a core player in the eurozone economy, is seen as offering strategic benefits to Korea.

The agreement between South Korea’s Fintech Center and the French Tech Hub Seoul was finalized at a joint fintech seminar, held at the Convention and Exhibition Center in southern Seoul to commemorate the 130th anniversary of the two nations forging formal diplomatic relations.

“When South Korea entered the smartphone business in the 2000s, many said it was too late into the game. But South Korea has now become a global smartphone power, and our government is hoping to spread South Korea’s fintech throughout the world,” said Financial Services Commission Chairman Yim Jong-yong in a speech at the forum.

Meanwhile, the French Embassy in Seoul was scheduled to open the two-day “French Tech Days in Korea” event later in the day, where French innovative companies will be introduced to potential business partners in the South Korean market.

By M. H. Lee (mhlee@koreabizwire.com)