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Key considerations for fintech innovation in Korea

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Frame of Image nies and FI’s Existing Examples 3 A. Key Considerations for Fintech Innovation in Korea Yoonsok Lee (yslee@kif.re.kr) Payment Service Alipay, Paypal Remittance Venmo, Safari.com Deposit & Loans Charles Schwab, Japan Net Bank Allowed in US, UK, Japan A t a government meeting for regulatory reforms held in March 2014, a foreigner’s frustrating online shopping experience was shared, which sparked heated debates on fintech innovation in Korea. A year afterward, it is time to review the fintech development so far, and discuss how financial companies should approach fintech innovation going forward. A recent Accenture report described fintech companies as those that provide services across the financial sector, from banking to investment, data analysis, payment and settlement services. Broadly speaking, fintech may be understood as technology that supports and facilitates financial services. However, the current discussions on fintech innovation suggest that it mostly refers to “new technologies that enable innovative financial services.” So far, fintech innovation has been heavily biased toward settlement and payment services, especially, retail payments made on mobile phones or credit cards. Given this, it would be practical to see fintech as “provision of daily financial services in a more convenient and innovative manner.” The Korean government has made vigorous efforts for fintech growth. It has struggled to remove barriers in e-commerce, which is closely tied to retail paymen


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Title Key considerations for fintech innovation in Korea
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Material Type Report
Author(English)

Lee, Yoonsok

Publisher

Korea Institute of Finance
Date 2015-08
Series Title; No Korean Economic and Financial Review
Pages 4
Subject Country South Korea(Asia and Pacific)
Language English
File Type Documents
Original Format pdf
Subject Economy < Economic System
Industry and Technology < Science/Technology
Holding Korea Institute of Finance
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