SEOUL, Dec. 16 (Korea Bizwire) — South Korea’s financial regulator on Monday granted preliminary approval for a new internet-only bank, a move that could further fuel competition with established bigger players and foster the fledging market. The Financial Services Commission (FSC) gave the initial approval to the consortium led by South Korean fintech firm Viva [...]
SEJONG, Dec. 4 (Korea Bizwire) — South Korea plans to set up a fund of 300 billion won (US$252 million) to help fintech startups become unicorns with a valuation of more than US$1 billion, Finance Minister Hong Nam-ki said Wednesday. Hong made the remarks at a meeting with economy-related ministers in Seoul to discuss how [...]
SEOUL, Nov. 28 (Korea Bizwire) — More than 2.2 million South Koreans have subscribed to a pilot open banking service in less than one month after its launch, data showed Thursday. Users of the new service, which was launched Oct. 30, numbered 2.27 million as of Tuesday after exceeding the 1 million mark in just [...]
SEOUL, Oct. 15 (Korea Bizwire) — South Korea’s financial regulator said Tuesday it received applications from three consortia, including one led by a fintech firm, for a license to set up a new internet-only bank. Fintech firm Viva Republica led one consortium, which included KEB Hana Bank, Hanwha Investment & Securities and the Korean unit [...]
LONDON, Oct. 2 (Korea Bizwire) — CUBE has announced that its regulatory intelligence and regulatory change management solution has achieved the overall number one ranking in the 2019 Market FinTech RegTech Suppliers Report. CUBE’s Digital Regulation Platform (DRP) was awarded the top spot in four key categories: Compliance, Risk and Due Diligence Universal Tool Regulatory [...]
SOUTHBOROUGH, Mass., Sept. 23 (Korea Bizwire) — Virtusa Corporation (NASDAQ GS:VRTU), a global provider of digital strategy, digital engineering and IT services and solutions that help clients change and disrupt markets through innovation engineering, announced it has been ranked at number 29 out of 100 on the 2019 IDC FinTech Rankings, increasing its position over the previous year. Now in [...]
JAKARTA, Sept. 22 (Korea Bizwire) — JULO, a leading peer-to-peer lender offering personal loans across Indonesia, today announced a $10 million extension round to its Series A financing. The round was led by Quona Capital, a leading fintech venture firm whose funds are sponsored by Accion, with participation from existing investors Skystar, East Ventures, Provident, [...]
SEOUL, Sept. 4 (Korea Bizwire) — South Korea’s financial regulator said Wednesday it will ease some rules on financial firms investing in fintech firms, as part of its effort to promote the fintech industry. The new guideline, unveiled by the Financial Services Commission (FSC), will expand the scope of fintech firms for which financial firms’ [...]
Santa Clara, CA (USA), Aug. 8 (Korea Bizwire) — Apple, the established leader in simplifying user experiences, has put a stake in the ground for what a card experience should look like with the launch of the Apple Card. By heavily integrating the Apple Card experience into the Apple Pay app, they are able to [...]
SEOUL, Jun. 20 (Korea Bizwire) — South Korean banks will fully open their payment system to fintech firms in December, officials said Thursday, in a move that could encourage the development of new payment services and greater competition in the financial sector. Currently, the financial payment network in South Korea has a closed system accessible [...]