Fintech Association Reaches 400 Member Companies... Fourfold Increase in 6 Years

2016: 111 Locations → 2022: 400 Locations

[Asia Economy Reporter Minwoo Lee] The Korea Fintech Industry Association has grown to 400 member companies six years after its launch.

On the 29th, the Fintech Association announced that Nexol, which operates 'Bo-on,' a simple subscription platform for mandatory disaster insurance such as flood and windstorm insurance, joined as the 400th member company. The number of member companies has nearly quadrupled from 111 at the time of its launch in 2016 to 400 in six years.

Currently, the main business sector of the member companies is payment settlement with 83 companies (20.8%), the largest share. This is followed by ▲financial investment with 41 companies (10.3%), ▲blockchain with 41 companies (10.3%), ▲asset management with 34 companies (8.5%), ▲online investment-linked (P2P) finance with 29 companies (7.3%), ▲small overseas remittance with 28 companies (7%), ▲fintech SI with 28 companies (7%), ▲payment gateway (PG)/VAN with 28 companies (7%), ▲security authentication with 17 companies (4.3%), ▲insurtech (insurance + finance) with 14 companies (3.5%), and ▲others with 57 companies (14.3%).

Lee Geun-joo, chairman of the Fintech Association, said, "With the breakthrough of 400 member companies this time, the majority of fintech companies operating in Korea are now active within the association," adding, "We will continue to play a more proactive role so that fintech players in various fields can fully demonstrate their innovativeness."