SEOUL, June 4 (Korea Bizwire) – From September or sooner, Korean financial institutions will be able to freely use personal credit information on the condition that individuals are not identified, giving them a way to offer financial products using big data collected from consumers. The Financial Services Commission (FSC) decided on June 3 to move forward [...]
SEJONG, May 24 (Korea Bizwire) — South Korea plans to push for financial deregulation to make it easier for people to transfer money across borders without going through banks, the government said Sunday. The move aims to allow securities firms, insurers and most importantly FinTech companies to handle transfers that can help lower fees and [...]
SEOUL, May 17 (Korea Bizwire) — As Internet-only banking services are expected to lead the Fintech industry, SK C&C, the IT arm of SK Group, will support internet-only banks by developing a customized IT platform with premium services. SK C&C announced on May 13 that it would set up a specialized IT service business model [...]
SEOUL, May 6 (Korea Bizwire) — South Korea’s top financial regulator said Wednesday that it will pave the way for local banks to invest in financial technology firms as part of its efforts to boost the integration of the two industries. According to current financial laws, financial institutions are allowed to buy stakes in or [...]
SEOUL, Apr. 16 (Korea Bizwire) — South Korea’s top financial regulator said Thursday that he will relax regulations on bank ownership in order to pave the way for information technology firms to invest in the untouched Internet-only bank sector. Under the current laws, an industrial company is banned from holding more than a 4 percent [...]
SEOUL, April 8 (Korea Bizwire) – South Korea’s top financial regulator said Wednesday it will allow local credit card firms to issue mobile-only credit cards, rather than conventional plastic ones, to clients later this month as part of efforts to improve convenience and speed in electronic transactions. Under the current law, mobile cards have played [...]
“Fintech can help the financial industry boost competitiveness and give a boost to the national economy. I will keep collecting ideas from the fintech sector and looking for restrictions to remove.” “Local financial rules mainly address the offline financial market and fail to keep up with fast-changing online, mobile financial trends. I will change the [...]
SEOUL, Feb. 10 (Korea Bizwire) — South Korean lenders and technology firms are quickly uniting in their latest efforts to jump on the FinTech bandwagon as the once-high boundary between the two industries is blurring with the rise of mobile banking, market watchers said Tuesday. Woori Bank, the flagship unit of state-run financial group Woori [...]
SEOUL, Oct. 25 (Korea Bizwire) – An increasing number of global companies try to jump on the “Fintech” bandwagon. Fintech, a compound word between finance and technology, encompasses services such as mobile payment, mobile money transfer, crowd funding and the like. Investment volume on fintech skyrocketed by three-folds only in five years. According to management [...]
SEOUL, Oct. 8 (Korea Bizwire) – Recently the so-called “fintech” has been in vogue. A compound word between finance and technology, fintech encompasses services such as mobile payment, mobile money transfer, crowd funding, and the like. The main reason the word fintech has become more familiar with us is services like KakaoPay by Kakao Inc. and [...]