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

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29 November 2016
KyongSun Kong

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.

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