The Korean government have been pushing for more Fintech startups to succeed in the country. Their interest has grown over the years and they seem very interested in the future of the financial technology.
“With the advent of fintech and ICT-based firms, once-exclusive financial services are evolving into new types of service. As capital markets have large potential in innovation and change, the government will make sure that startups with creative ideas get enough venture capital.” Yim Jong-yong, Financial Service Commission chairman
The Korean government is looking to provide venture capital for startups that deal in Fintech. They will use large investment banks to create funds which should help support these startups. This is a common pattern we have seen from the Korean government who have focused a lot on startups in the tech field. The tech startup boom seems to be a trend that is not fading and right now the hottest industry in the tech startup scene is Fintech. This is perfect for a country like South Korea that rely heavily on internet banking and digital payments. Even bitcoin is starting to get some traction in South Korea. With crowdfunding now possible, look for more growing trends in the Fintech sector moving forward.
As the financial sector is moving towards new and innovative ways to improve customer satisfaction, it is important to be aware of the newest technologies and solutions like Fintech and blockchains. With the backing of the Korean government it will be interesting to see what these Korean startups can produce in the coming years in regards to Fintech.