SEOUL, Jul. 12 (Korea Bizwire) — Financial authorities will give permits to fintech firms to provide international money transfer services for small funds, officials said Wednesday, in a move that significantly reduces commission fees on moving money. About 40 fintech firms are expected to launch international money transfer services from Aug. 15, according to officials [...]
SEOUL, Jul. 5 (Korea Bizwire) — Kakao Bank, South Korea’s second Internet-only bank, aims to eventually lead the online payment market, by taking advantage of its robust mobile ecosystem, the bank’s two co-chief executives said Tuesday. Kakao Bank, led by Kakao Corp., operator of Korea’s dominant messaging app KakaoTalk, is set to officially begin its [...]
Helsinki, Finland, Jun. 26 (Korea Bizwire) — Euroloan Group PLC issued new shares on Privanet Group PLC’s crowdfunding platform Around. The statutory maximum limit of EUR 4.995 million for the issue was reached on Thursday, June 8, eight days early. The subscription was at termination at 5,599,031 EUR, i.e. 377% of the minimum target of [...]
SEOUL, Jun. 14 (Korea Bizwire) — The rise of fintech is reshaping the landscape of the South Korean financial industry. Fintech, a portmanteau of the words ‘finance’ and ‘technology’, refers to the use of IT services to replace traditional human-based processes or interaction, examples of which include internet payment systems such as Paypal. Similar services [...]
Helsinki, Finland, May 18 (Korea Bizwire) — Euroloan Group PLC, a pioneering European financial technology company with offices in Helsinki (HQ), Luxembourg, Stockholm and Warsaw, announced today the appointment of James Hickson (B.Sc., M.B.A.) as group Chief Executive Officer. Hickson, an accomplished financial technology industry executive with 16 years of experience on Wall Street, most [...]
Helsinki, Finland, May 11 (Korea bizwire) — Euroloan has doubled the size of its structured financing facility with funds managed by affiliates of Fortress Investment Group LLC (NYSE:FIG), from EUR 60 million to EUR 120 million. The credit line comes with the news that Euroloan increased net revenue by 90% in 2016 and is now [...]
SEOUL, May 2 (Korea Bizwire) — Nearly 90 percent of financial firms worldwide said their businesses are at risk from rapidly expanding fintech rivals and they fear losing revenue to the financial innovators, according to a new study released on Monday, in the latest sign of the growing influence of financial technology, known as fintech. [...]
SEOUL, March 8 (Korea Bizwire) – South Korea’s top financial regulator said Wednesday authorities will expand “systemic” support for nascent fintech firms in the country, with 3 trillion won (US$2.6 billion) earmarked for a three-year support project. South Korea, known for its information and communication technology prowess, launched a government-led campaign in early 2015 to [...]
SEOUL, Feb. 16 (Korea Bizwire) – South Korea announced plans Thursday to ease regulations on three industries — artificial intelligence (AI), virtual reality (VR) and financial technology, or fintech — as part of the government’s aggressive deregulation drive to find a new growth engine. The Ministry of Science, ICT and Future Planning reported a set [...]
SEOUL, January 30 (Korea Bizwire) – Digital disruption and cutthroat competition are shaking up the banking industry, with thousands of employees making the transition away from financial services jobs that were long considered as some of the most lucrative in Korea. The emergence of the fintech revolution leaves the prospects for the banking industry uncertain. [...]