-Webinar Series with Domestic and International Experts to Support Overseas Expansion of Domestic Fintech Companies Facing Internal and External Challenges Due to COVID-19
The Korea Fintech Support Center (Chairman: Jeong Yoo-shin) announced that it successfully held the "Korea-Vietnam Fintech Online Seminar" on Friday, September 4th, in a non-face-to-face online format. On that day, over 240 people, including executives and employees of financial companies from Korea and Vietnam, fintech companies, academia related to the fintech industry, and fintech experts, watched the live broadcast.
The Korea Fintech Support Center has been conducting a series of online webinars since the second half of this year in cooperation with overseas fintech-related organizations, fintech companies, and embassies to proactively support domestic fintech companies facing internal and external difficulties due to COVID-19 in expanding overseas. This event was the third online webinar in the series and was held under the theme of "Activating Korea-Vietnam Fintech Cooperation" in collaboration with Vietnam Silicon Valley, the largest accelerator in Vietnam.
Vietnam is one of the target countries of the government's 'New Southern Policy' and actively cooperates in financial innovation, sharing related policies and systems, and the active mutual entry of fintech companies from both countries. Two private fintech labs have been established in Hanoi, Vietnam: Shinhan Financial Group has been operating 'Shinhan Future's Lab' since 2016, and Woori Financial Group operates 'Dino Lab,' expanding exchanges and cooperation with financial institutions in Korea and Vietnam.
The seminar, divided into two parts, began with a welcome speech by Jeong Yoo-shin, Chairman of the Korea Fintech Support Center, and congratulatory remarks by Do Thi Bich Ngoc, Counselor of the Embassy of Vietnam in Korea. It featured presentations by Vietnamese policy experts, startups and investors from Korea and Vietnam, covering the overall fintech ecosystems of both countries, including fintech status, investment, and business models, with seven presentations and active discussions.
In the first session, Seung-gu Song, CEO of Vietnam Silicon Valley, Phong Le, former Deputy Director of the State Bank of Vietnam, explained the Vietnamese startup ecosystem and support policies. Following this, Ronald Le, CEO of the promising local startup HAWKING, and Dzung Dang, CEO of Nano Technologies, introduced overseas remittance services and payroll-backed microloan services.
In the second session, Dong-wook Park, Deputy General Manager of Korea Growth Investment Corporation, introduced Korea's Fintech Innovation Fund (domestic fintech investment trends). Won-deuk Lee, Vice President of Fin2B, introduced Fin2B's supply chain finance platform and accounts receivable discounting services for SMEs, and Kwang-il Choi, Vice President of FingerVina, presented FingerVina's local fintech service implementation and strategies for localizing and entering the Vietnamese market.
Finally, during the Q&A session, speakers answered questions not only from the presenters but also from online participants. Notably, questions from Korea included Vietnam's △non-face-to-face real-name verification system (e-kyc), △SME support policies, and △cultural and environmental differences by region (Hanoi, Ho Chi Minh City). Questions from Vietnam included △methods for overseas companies to participate in Korea's Open API and △domestic banks' response strategies to fintech expansion. Various discussions on the innovation ecosystems of both countries were actively conducted.
Jeong Yoo-shin, Chairman of the Korea Fintech Support Center, emphasized through this seminar that "although a sense of crisis is spreading across the industry due to the prolonged COVID-19 situation, the fintech industry, characterized by digital finance and non-face-to-face nature, will play a leading role in the Fourth Industrial Revolution." He added, "The Korea Fintech Support Center will strive to cooperate symbiotically with overseas institutions for fintech scale-up and enhance the external status of the domestic fintech industry."
Seung-gu Song, CEO of Vietnam Silicon Valley, stated, "Taking this webinar as an opportunity, we will actively support Korean financial institutions, fintech companies, and investors wishing to enter Vietnam by utilizing our network with the Vietnamese government, financial institutions, and companies."
The Korea Fintech Support Center plans to continue support through various and multifaceted programs such as sharing research results on fintech regulations and investment conditions in target overseas regions, consulting support for companies wishing to expand overseas, and hosting overseas local demo days for companies aiming for overseas expansion, to successfully realize the "Korean New Deal" and assist fintech companies struggling with overseas expansion due to COVID-19.
Meanwhile, the New Southern countries, centered on Southeast Asia, have high demand for domestic fintech companies' entry due to their large populations and high growth potential. Therefore, the Korea Fintech Support Center will continuously hold webinars on topics related to the local entry of domestic fintech companies, focusing on Southeast Asian countries, to actively support domestic fintech companies in realizing entry strategies in preparation for the post-COVID era. Detailed schedules related to the webinars can be found on the Korea Fintech Support Center website, and anyone interested in fintech cooperation can attend by pre-registering.
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