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. [...]
SEOUL, Jan. 10 (Korea Bizwire) – South Korea’s financial authorities on Tuesday announced a plan to launch a full-scale pilot project this year on blockchain-powered financial services. South Korea, known for its ICT prowess, has accelerated its drive for capitalizing on the new platform. Blockchain is a key technology for the digital currency bitcoin enabling [...]
SEOUL, Dec. 22 (Korea Bizwire) – South Korea made a pitch Thursday for its financial technology, or fintech, in China under the government’s campaign to support related startups here seeking to do business abroad. The state-funded Fintech Center held the “Fintech Demo Day in Beijing” event, joined by five South Korean firms and potential business [...]
TORONTO, ON and ALEXANDRIA, VA, Dec. 8 (Korea Bizwire) - Scotiabank and QED Investors announced today a new and innovative partnership that will inject capital and industry expertise into select Latin American FinTech companies. The joint investment will create a venture capital platform that will identify, invest and promote the growth of innovative start-ups across the [...]
SEOUL, Dec. 8 (Korea Bizwire) – South Korea has decided to reset its push to become a regional financial hub, reflecting a change in related global circumstances, authorities announced Thursday. Despite the government’s initiative that started in 2008, foreign financial firms have withdrawn or scaled down their businesses in Asia’s fourth-biggest economy. In a relevant [...]
SEOUL, Dec. 1 (Korea Bizwire) – South Korea hosted another event Thursday to demonstrate its financial technology, albeit still in the nascent stage, as the government views it as the key to the future of the nation’s financial sector. Seven “promising” fintech startups here participated in the Demo Day event, the 13th of its kind, [...]
SEOUL, Nov. 4 (Korea Bizwire) — South Korea said Friday it will strengthen partnerships with Silicon Valley on financial technology, called fintech. The Fintech Center of Korea signed memorandums of understanding (MOUs) with two high-profile organizations — 500 Startups and Silicon Valley Forum — for the initiative on the sidelines of a South Korean Fintech [...]
SEOUL, Oct. 31 (Korea Bizwire) – The number of employees in the financial sector has declined in 16 consecutive months, mainly driven by the fast expanding usage of FinTech, lowering demand for conventional employees such as bank tellers. According to a recent report from the Ministry of Employment & Labor, the number of employees in [...]
SEOUL, Oct. 24 (Korea Bizwire) – South Korea announced Monday it will lay the systemic groundwork for the spread of digital currency as part of efforts to promote financial technology, also called fintech. “The government will push for the systematization of digital currency on a full scale in tandem with a global trend in the [...]