Fintech in South Korea: Discussions from the 6th Finance Tech World 2016

by KyongSun Kong, November 29, 2016
Industry Trends
Asia-Pacific

Abstract

Celent has released a new report titled Fintech in South Korea: Discussions from the 6th Finance Tech World 2016. The report was written by KyongSun Kong, an analyst with Celent’s Asian Financial Services practice.

Key Research Questions

1

How has awareness of fintech in South Korea Evolved Since 2015?

2

To what extent are South Korean firms engaging in fintech initiatives?

3

What trends are on the horizon for fintech in South Korea?

This report examines the fintech goals of financial institutions and vendors in South Korea, based on presentations at a recent industry conference in Seoul. In South Korea’s fintech market developments are most evident in payments and money transfer services. Startup firms are appearing on the scene in masses, while traditional financial institutions are demonstrating a keen interest in fintech.

“What a difference a year can make. The 2016 event differed significantly compared with the prior year both in terms of the audience as well as the presentation content. However, among the visible differences, the biggest changes were evident in the stances of financial institutions, startup firms, and IT vendors,” commented KyongSun Kong.

“Among South Korean financial institutions there is clearly a growing interest in fintech coupled with concern that it could portend great change for the industry landscape. With the advent of online-only banks, interest in robo advisor and open API approaches will continue to grow,” she added.

Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is part of Marsh & McLennan Companies [NYSE: MMC].

Media Contacts

North America
Michele Pace
mpace@celent.com
Tel: +1 212 345 1366

Europe (London)
Chris Williams
cwilliams@celent.com
Tel: +44 (0)782 448 3336

Asia (Tokyo)
Yumi Nagaoka
ynagaoka@celent.com
Tel.: +81 3 3500 3023

Table of Contents

Executive Summary

1

         Key Research Questions

1

What a Difference a Year Makes

2

Financial Regulators Are Showing a Strong Interest in Fintech

4

         Celent’s Take

5

Progress Through Persistence

6

         Celent’s Take

6

Tailwind Aiding South Korea’s Mobile Payments Market

7

         Celent’s Take

8

Online-Only Banks

9

         Celent’s Take

9

From Follower to First Mover

11

         Celent’s Take

11

Future Fintech Trends in South Korea

13

Leveraging Celent’s Expertise

15

         Support for Financial Institutions

15

         Support for Vendors

15

Related Celent Research

16

Sign in to download reports and access personalized information