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Fintech and banking in Korea

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Frame of Image d their foreign competitors. In order to boost the fintech industry, the Korean government has made various efforts. Its recent efforts to introduce internet-only banks does not seem to contribute to growing the fintech industry, because the business of banking is bundling of various services and banks are not good at innovations. The government needs to focus on small ventures rather than internet-only banks in order to grow the fintech industry. It should also be noted that security and privacy protection is a prerequisite to adopting fintech services. Keywords: : fintech, internet-only bank, banking, bundling
1. Various fintech services
“Fintech” is an amalgam of “finance” and “technology.” In particular, it means information and communication technology applied to financial services. Accenture (2014) described fintech companies as those that provide services across the financial sector, from banking to investment, data analysis, payment and settlement services. Although fintech innovation is widely known to have been heavily concentrated on payment and settlement services, there are many small-scale ventures providing other fintech services. The following is an explanation about these services. Payment and settlement services are widely known to be the most active area of fintech. Banks are still the central player of payment and settlement systems, which are a kind of ecosystem including technology companies and payments networks. Most of the important payment networks s


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Title Fintech and banking in Korea
Similar Titles
Material Type Articles
Author(English)

Kang, Kyeong-Hoon

Publisher

[Jincheon]:Korea Information Society Development Institute

Date 2015
Journal Title; Vol./Issue Asian Journal of Information and Communications:Vol. 7(No. 1)
Pages 4
Subject Country South Korea(Asia and Pacific)
Language English
File Type Documents
Original Format pdf
Subject Economy < Financial Policy
Economy < Economic System
Holding Korea Information Society Development Institute

Abstract

Fintech means information and communication technology applied to financial services. Fintech services are various: payment and settlement, lending, crowdfunding, automated wealth management, and so on. In Korea, there are few fintech startups in the areas other than payment services and even the payment startups are said to be lagged behind their foreign competitors. In order to boost the fintech industry, the Korean government has made various efforts. Its recent efforts to introduce internet-only banks does not seem to contribute to growing the fintech industry, because the business of banking is bundling of various services and banks are not good at innovations. The government needs to focus on small ventures rather than internet-only banks in order to grow the fintech industry. It should also be noted that security and privacy protection is a prerequisite to adopting fintech services.