• INDUSTRIES
  • Korea’s Fintech

    Fintech, a portmanteau combining the words ‘finance’ and 'technology', is a new branch of the finance industry which provides services including payment, remittance, financial management, cloud funding, etc., using IT.
    As fintech-related provisions have recently been added to various government-led support programs, many existing enterprises are entering the Fintech market.

    Types Contents
    Mobile Stock Trading Accounts for 48.5% of all trade and 33% of all trading value

     

     

    Mobile Asset Management 300~1,000 new users every month

     

     

    P2P Lending Total credit KRW 390 billion as of Nov. 2016, more than 1,000% YoY increase

     

     

    Mobile Simple Payment
    Payment of KRW 29.5 billion made through major simple payment services
    NaverPay, KakaoPay, Payco, SyrupPay, SSGPay, L.Pay (Logo)

     

     

    Internet Banks (Online only) K Bank, Kakao Bank

    <Status of members of Korea Fintech Industry Association>

    Core Business Members Core Business Members
    Payments·Settlement 20 P2P loans 19

     

     

     

     

    Cloud Funding 5 Remittance and Virtual Currency 17

     

     

     

     

    Asset Management 14 Security Authentication 12

     

     

     

     

    Other 11 Financial Software 8

     

     

     

     

    Bank 4 Total 110

    2016.10

  • Seoul’s Fintech

    Seoul Metropolitan Government aims to position Seoul as a Fintech testbed, and ultimately transform the city into the center of Asia’s Fintech industry. Multiple international corporations have already visited Seoul to establish partnerships with or consider investing in Seoul’s Fintech firms, and the Metropolitan Government is also actively supporting Fintech-related startups through various means, which include the establishment of the Seoul Fintech Industry Advisory Panel and Seoul Fintech Lab. There are 112 Fintech-related firms in Seoul, with the majority located in Gangnam, Yeongdeungpo and Guro due to their close proximity to Yeouido’s financial institutions and Guro Digital Complex’s IT experts.

    <Seoul Fintech Industry Advisory Panel>

    1. Provides measures to promote the Fintech industry through expert advice.
    2. Provides a Cooperative Institution for the industry, consisting of experts from the industry, academia, research institutes, and the financial sector.

    <Seoul Metropolitan Government’s Fintech Policy Directions and Key Tasks>

    Items Contents

     

     

    Policy Directions 1. Establishing Fintech Industry Cluster
    2. Promoting entrepreneurship of Fintech startups
    3. Expanding the Fintech infrastructure

     

     

    Key Tasks
    Designating Yeouido and Yeongdeungpo as Special Fintech Zones
    Supporting Fintech startup entrepreneurship and growth
    Fostering and training Fintech experts
    Establishing partnerships with foreign Fintech accelerators

    SEOUL FINTECH LAB

    Seoul Fintech Lab, the 1st fintech support institution established by a local government, is equipped with a ‘Fintech Test Room’ that is linked with a financial computer network, providing startups with opportunities to test their business models in a realistic simulation of the financial network environment.

    Seoul Fintech Lab will provide fostering programs according to each company's stage of growth. 33 domestic partners in 7 fields of commercialization, investment, marketing, technical development, legalㆍpatent, media, and overseas expansion will participate as mentors or trainers in fostering programs including one-on-one mentorships, training sessions, and demo days. The lab will also provide mentorship and investment reviews for tenant startups aiming toward foreign expansion, through partnerships with 13 foreign institutions.

    Location Seoul Startup Hub Annex Building 2F (21 Baekbeom-ro 31-gil, Mapo-gu)

     

     

    Land Area 555㎡

     

     

    Facilities
    Startup Offices : 14 Offices
    Other facilities : Co-founding Room, Fintech Support Center, Public Relations Center, Partners Operation Room, Fintech Test Room, Meeting Room, Counseling Room, etc.

     

     

    Operation
    Private-public Joint Management (Seoul metropolitan Government and private partners)
    Facility Management : Seoul Metropolitan Government Investment Promotion Division
    Program Operation : Startup Incubation Specialized Institution

     

     

    Key Programs 1. Startup Office Space Provision
    2. Partners Program Operation
    3. Fintech Test Room Provision

    SEOUL FINTECH ACADEMY

    Seoul Fintech Academy is a program established to foster 4th Industrial Revolution experts in the financial sector, through cooperation between Seoul Metropolitan Government and financial institutions, with the aim of helping Seoul take the lead in the innovative growth of the financial sector. [Seoul Fintech Academy] offers a 108-hour Fintech expert development course based on a curricula and instructor pool provided by financial education institutions, and offers both specialized training in each track and interdisciplinary training, covering Fintech big data, block chain, solutions, security, and supervision regulations.

    Participating Institutions Seoul Metropolitan Government, Financial Supervisory Service, Korea Banking Institute, Financial Security Institute, Korea Insurance Institute, Korea Institute of Financial Investment, Credit Finance Education Institute

     

     

    Eligibility Workers in the financialㆍITㆍsoftware industry, members of the general public and university students interested in Fintech startup entrepreneurship

     

     

    Capacity 60 Students/year

     

     

    Hours 108 Hours

     

     

    Curriculum
    Interdisciplinary training (63H) + Specialized training in each track (45H)
    Track 1 : BankㆍCredit CardㆍSpecialized Credit Finance Track
    Track 2 : Investment and Financial Management Track
    Track 3 : Insurance Track
  • Korea’s Fintech

    Fintech, a portmanteau combining the words ‘finance’ and 'technology', is a new branch of the finance industry which provides services including payment, remittance, financial management, cloud funding, etc., using IT.
    As fintech-related provisions have recently been added to various government-led support programs, many existing enterprises are entering the Fintech market.

    Types Contents
    Mobile Stock Trading Accounts for 48.5% of all trade and 33% of all trading value

     

     

    Mobile Asset Management 300~1,000 new users every month

     

     

    P2P Lending Total credit KRW 390 billion as of Nov. 2016, more than 1,000% YoY increase

     

     

    Mobile Simple Payment
    Payment of KRW 29.5 billion made through major simple payment services
    NaverPay, KakaoPay, Payco, SyrupPay, SSGPay, L.Pay (Logo)

     

     

    Internet Banks (Online only) K Bank, Kakao Bank

    <Status of members of Korea Fintech Industry Association>

    Core Business Members Core Business Members
    Payments·Settlement 20 P2P loans 19

     

     

     

     

    Cloud Funding 5 Remittance and Virtual Currency 17

     

     

     

     

    Asset Management 14 Security Authentication 12

     

     

     

     

    Other 11 Financial Software 8

     

     

     

     

    Bank 4 Total 110

    2016.10

  • Seoul’s Fintech

    Seoul Metropolitan Government aims to position Seoul as a Fintech testbed, and ultimately transform the city into the center of Asia’s Fintech industry. Multiple international corporations have already visited Seoul to establish partnerships with or consider investing in Seoul’s Fintech firms, and the Metropolitan Government is also actively supporting Fintech-related startups through various means, which include the establishment of the Seoul Fintech Industry Advisory Panel and Seoul Fintech Lab. There are 112 Fintech-related firms in Seoul, with the majority located in Gangnam, Yeongdeungpo and Guro due to their close proximity to Yeouido’s financial institutions and Guro Digital Complex’s IT experts.

    <Seoul Fintech Industry Advisory Panel>

    1. Provides measures to promote the Fintech industry through expert advice.
    2. Provides a Cooperative Institution for the industry, consisting of experts from the industry, academia, research institutes, and the financial sector.

    <Seoul Metropolitan Government’s Fintech Policy Directions and Key Tasks>

    Items Contents

     

     

    Policy Directions 1. Establishing Fintech Industry Cluster
    2. Promoting entrepreneurship of Fintech startups
    3. Expanding the Fintech infrastructure

     

     

    Key Tasks
    Designating Yeouido and Yeongdeungpo as Special Fintech Zones
    Supporting Fintech startup entrepreneurship and growth
    Fostering and training Fintech experts
    Establishing partnerships with foreign Fintech accelerators

    SEOUL FINTECH LAB

    Seoul Fintech Lab, the 1st fintech support institution established by a local government, is equipped with a ‘Fintech Test Room’ that is linked with a financial computer network, providing startups with opportunities to test their business models in a realistic simulation of the financial network environment.

    Seoul Fintech Lab will provide fostering programs according to each company's stage of growth. 33 domestic partners in 7 fields of commercialization, investment, marketing, technical development, legalㆍpatent, media, and overseas expansion will participate as mentors or trainers in fostering programs including one-on-one mentorships, training sessions, and demo days. The lab will also provide mentorship and investment reviews for tenant startups aiming toward foreign expansion, through partnerships with 13 foreign institutions.

    Location Seoul Startup Hub Annex Building 2F (21 Baekbeom-ro 31-gil, Mapo-gu)

     

     

    Land Area 555㎡

     

     

    Facilities
    Startup Offices : 14 Offices
    Other facilities : Co-founding Room, Fintech Support Center, Public Relations Center, Partners Operation Room, Fintech Test Room, Meeting Room, Counseling Room, etc.

     

     

    Operation
    Private-public Joint Management (Seoul metropolitan Government and private partners)
    Facility Management : Seoul Metropolitan Government Investment Promotion Division
    Program Operation : Startup Incubation Specialized Institution

     

     

    Key Programs 1. Startup Office Space Provision
    2. Partners Program Operation
    3. Fintech Test Room Provision

    SEOUL FINTECH ACADEMY

    Seoul Fintech Academy is a program established to foster 4th Industrial Revolution experts in the financial sector, through cooperation between Seoul Metropolitan Government and financial institutions, with the aim of helping Seoul take the lead in the innovative growth of the financial sector. [Seoul Fintech Academy] offers a 108-hour Fintech expert development course based on a curricula and instructor pool provided by financial education institutions, and offers both specialized training in each track and interdisciplinary training, covering Fintech big data, block chain, solutions, security, and supervision regulations.

    Participating Institutions Seoul Metropolitan Government, Financial Supervisory Service, Korea Banking Institute, Financial Security Institute, Korea Insurance Institute, Korea Institute of Financial Investment, Credit Finance Education Institute

     

     

    Eligibility Workers in the financialㆍITㆍsoftware industry, members of the general public and university students interested in Fintech startup entrepreneurship

     

     

    Capacity 60 Students/year

     

     

    Hours 108 Hours

     

     

    Curriculum
    Interdisciplinary training (63H) + Specialized training in each track (45H)
    Track 1 : BankㆍCredit CardㆍSpecialized Credit Finance Track
    Track 2 : Investment and Financial Management Track
    Track 3 : Insurance Track

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