Both Support Budget and Programs 'Scale Up'... Financial Authorities Accelerate Fintech Development

Reference image (Source=Korea Fintech Industry Association)

[Asia Economy Reporter Kim Hyo-jin] Financial authorities are accelerating efforts to foster the fintech (financial technology) industry. With this year's fintech support budget doubled compared to last year, a large-scale fintech expo is scheduled to be held in May.

According to financial authorities on the 18th, the Financial Services Commission recently finalized this year's fintech support budget at 19.86 billion KRW, about twice that of last year.

The budget for financial testbed operation and participation support (9.657 billion KRW), customized growth support programs (1.655 billion KRW), and public participation fintech events (1.743 billion KRW) has significantly increased.

Additionally, new budgets have been allocated to support fintech overseas expansion (830 million KRW), job matching (200 million KRW), financial cloud usage (3.44 billion KRW), and fintech professional workforce training (1.44 billion KRW).

To revitalize the economy through fintech development, the Financial Services Commission plans to accelerate various projects with a goal of executing 62% of the budget in the first half and 37% in the first quarter.

Within this framework, the Financial Services Commission will hold the international fintech expo, "Korea Fintech Week 2020," from May 28 to 30 at the Dongdaemun Design Plaza (DDP) in Seoul. On the 15th, the Commission launched a task force (TF) to prepare for the expo and held its first meeting.

Held for the second time following last year, this year's expo theme is "Open Innovation through Fintech." The event space has expanded, providing over 100 individual exhibition booths, nearly double last year's 54 booths.

This year's event will feature special sessions and side and permanent events related to fintech scale-up strategies, overseas expansion, and investment. Experience and education sessions will also be available for the general public. Furthermore, a new fintech business model briefing will be held to discover innovative ideas.

On the 16th, the Financial Services Commission, together with the Financial Supervisory Service and Korea Fintech Support Center, held the "2020 Fintech Policy Briefing" at Seoul Startup Hub in Mapo-gu, Seoul. The financial authorities urged the fintech industry to further dedicate itself to industrial development, supported by the significantly increased budget and various support events.

Provided by the Financial Services Commission