Fintech was huge in 2016 but the signs show that it could be even bigger in Korea in 2017. Korean Big Banks like Shinhan and the Korean government have taken a huge interest in Fintech. VC/Angels investments into FinTech has been on the rise in Korea and in all of Asia by the end of 2016. It is great to see the Korean government helping young FinTech startups in Korea. Korean FinTech startups will likely not see much regulations from the Korean government and will have a chance to partner up with established banks and financial institutions in Korea.
This will be key in 2017 to continue the rise of the FinTech startup ecosystem in Korea for the long term. Korea will slowly see a transition into payment and services being done by unbanked institutions and all banking services could be digitized. The potential for FinTech in e-commerce will also play a part as more and more Koreans are shopping online than ever before.
As technology continues to change, the prospects for FinTech is always changing. As big data analytics and IOT start to come into play as well as AI and machine learning in regards to investing, FinTech as well will have to change. This is the main concern for investors as new FinTech startups might get left behind once something different comes along. That is why Korean FinTech companies need to be willing to adapt and evolve.
Korean Banks like Shinhan Bank have started to look into Bitcoin’s potential and their application into global money transfers. Could Korea be the first Asian country to embrace Bitcoin fully? Korea being the first test market for bitcoin could bring in a lot of interest, especially if it is a success.