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Seoul Metropolitan Government to Establish the First Local ‘Fintech Ex…

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Writer Invest Seoul Day17-11-06 11:13 View146

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Seoul Metropolitan Government to Establish the First Local ‘Fintech Expert Fostering’ Academy in Collaboration with the Financial Sector

Seoul Metropolitan Government (SMG) announced that on November 1st (Wed) the city will sign a Memorandum of Understanding on fostering fintech experts with six financial education institutions, including the Financial Supervisory Service, Korea Banking Institute, the Financial Security Institute, Korea Insurance Institute, Korea Institute of Financial Investment, and the Credit Finance Education Institute, and establish Seoul Fintech Academy, which will become the first financial education institution founded by a local administration.

The establishment of Seoul Fintech Academy was initiated by a proposal from SMG, and has been realized through cooperation with financial education institutions. The academy is expected to act as a driving force of financial innovation by fostering the leaders of the financial industry in the era of the 4th Industrial Revolution.

Hampered by limiting regulations, institutional factors and a lack of innovative fintech experts, Korea's fintech industry has been showing relatively slow growth compared to other global financial hubs, including London and New York.  

 ▶ Headquarters of the top 50 global fintech enterprises: the United States (18), China (8), the United Kingdom (4), Australia (3), Brazil/Germany/Switzerland/Canada/India (2), Sweden/New Zealand/Israel/France/Mexico/South Africa/the Netherlands (1), (2016, KPMG)

SMG analyzed that securing a professional workforce is crucial to resolving these problems, and decided to promote hands-on training of fintech experts in cooperation with the Financial Supervisory Service and financial education institutions by providing systematic financial and fintech training to the abundant IT and software human resources in Seoul.

For the operation of Seoul Fintech Academy, SMG will be in charge of the administrative and financial aspects, from recruiting the trainees to providing financial support for wages for lecturers, while financial education institutions including the Financial Supervisory Service will provide lecturer support, curriculum development, sites of education, and textbook development. The first coursework of Seoul Fintech Academy is to commence in the 1st half of 2018, and a total of 30 fintech experts are expected to graduate in each half.

Seoul Metropolitan Government has set three core tasks for the establishment of a stronger fintech industry ecosystem, which are fostering fintech startups, fostering fintech experts and promoting fintech pilot projects.

Ÿ◎ To foster fintech startups, SMG will establish Seoul Fintech Labat the annex building of Seoul Startup Hub in Mapo-gu in 2018, where it will provide office spaces and startup-related services to foster up to 15 fintech startups every year.

Ÿ◎Ÿ Through the fintech pilot project, Seoul Metropolitan Government has selected fintech service developers and supported PR, marketing and the establishment of a simple payment system for the expansion of international banking service and simple micropayment service. 

SMG hopes that the establishment of Seoul Fintech Academy serves as a stepping stone for the city in leading the era of the 4th Industrial Revolution for the financial sector, by expanding the domestic fintech industry and invigorating fintech startups, commented Dae-ho Kim, the Director of Investment Promotion for Seoul Metropolitan Government.

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