Overview

Based on technologies like mobile, big data, and block chain, fintech—a merger of technology and financial services—is driving many financial areas. Thanks to the government's fintech revival program, the relaxation of associated laws, and the simplification of registration processes, the number of fintech companies is fast growing every year. There are now 592 firms, up from 131 in 2014(As of December 2023, Fintech Center Korea). Diverse financial service sectors, including remittance, payment, overseas remittance, loans, and asset management, are experiencing innovation. The sector is also steadily growing to include InsureTech, robo-advisors, big data analysis, security and authentication, etc. TechFin, where ICT uses its technological capabilities to pioneer new financial services, is also growing.

You can check the list of member companies and industry statistics through the website of the self-regulating body (association).

Reference : Korea Fintech Industry Association (www.korfin.kr)

- Source : Korea Fintech Industry Association│「Asia's Financial Capital City, Seoul」Basic Plan, Seoul Management Policy Office, 2021

Why Fintech in Seoul?

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  Financial regulatory sandbox

  By utilizing innovative financial services, it is possible to develop and support financial services that incorporate new technologies.

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  Seoul Fintech Lab

  The Seoul Fintech Lab was established in order to provide customized support to fintech companies and promote the development of the financial industry.

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  Digital finance

  The city of Seoul is building a high-level digital financial infrastructure so that the financial industry can develop in line with the times.

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  Networking opportunities

  The Seoul Metropolitan Government provides opportunities for networking within the financial industry by holding Seoul Financial Week and the Seoul International Financial Conference every year.

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  Technology adaptability

  Korea has a high adoption rate and low resistance to new technologies.