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Financial Regulator Vows Flexible Rules to Help Fintech Industry Growth

Financial Regulator Vows Flexible Rules to Help Fintech Industry Growth

SEOUL, Sept. 21 (Korea Bizwire) — The head of the Financial Supervisory Service (FSS) said Thursday the regulator seeks to build an innovation-friendly financial environment to help the growth of the financial technology industry. Choe Heung-sik, governor of the FSS, made the remarks during a conference in Seoul to debate how best the financial industry [...]

Kakao Bank’s Keys to Success

Kakao Bank’s Keys to Success

SEOUL, Aug. 25 (Korea Bizwire) — Only one month after the launch of Kakao Bank, the groundbreaking financial institution still enjoys great popularity, having already attracted some 3 million account holders. Pre-existing banks that had already entered the mobile financial space and K-Bank, the first internet bank in Korea, haven’t been able to draw as [...]

S. Korea to Allow Fintech Firms to Offer Int’l Money Transfer Services

S. Korea to Allow Fintech Firms to Offer Int’l Money Transfer Services

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 [...]

Kakao Bank Aims to Lead Online Payment Market: co-CEOs

Kakao Bank Aims to Lead Online Payment Market: co-CEOs

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 [...]

Euroloan Sets New Crowdfunding Record for FinTech Companies in Finland

Euroloan Sets New Crowdfunding Record for FinTech Companies in Finland

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 [...]

Fintech Reshaping the South Korean Financial Industry

Fintech Reshaping the South Korean Financial Industry

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 [...]

Euroloan Appoints Former Morgan Stanley FinTech Leader James Hickson as New Group CEO

Euroloan Appoints Former Morgan Stanley FinTech Leader James Hickson as New Group CEO

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 [...]

Fortress Investment Group LLC makes EUR 120M move on FinTech Leader Euroloan Group PLC

Fortress Investment Group LLC makes EUR 120M move on FinTech Leader Euroloan Group PLC

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 [...]

Study Shows 88 pct of Financial Firms Threatened by Clout of Fintech

Study Shows 88 pct of Financial Firms Threatened by Clout of Fintech

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. [...]

Gov’t to Offer 3 Tln Won in Support for Fintech Startups

Gov’t to Offer 3 Tln Won in Support for Fintech Startups

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 [...]