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Finteco Demo-day in London

Fintech Demo-day was held in London for the third time on July 22. The event drew a huge interest from local financial authorities and Fintech firms. Chied Executive Andrew Bailey from Financial Conduct Authority(FCA), representatives from the HM Treasury, and ank of England attended the event to see and discuss how to develop environments more favorable for Fintech firms from both countries.

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At a sideline meeting between FSC Chairman Yim Jong-yong and FCA chief Andrew Bailey, a cooperative agreement was signed to expand exchange of information related to Fintech industry. Representative from the UK showed keen interest in Korea’s rapidly growing Fintech sector, and recognized the need to continue and strengthen bilateral cooperation in Fintech.

A number of Korean Fintech firms succeeded in attracting investment and expanding their business in the UK. Standard Chartered Group slated to invest USD 250,000 in JYTEch, a mobility platform developer, with SC’s CIO Michael Gorriz adding that “JYTech’s innovative technology will be very useful in developing countries with comparatively less advanced financial infrastructure.”

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A mobile security solution provider EverSpin forged a partnership with Oracle to expand their business into global market. Financial security and authentication service provider Interpay also signed a contract with a global leading financial security firms Trustonic and Intercede, and sieged an opportunity to export its technology in the European market.

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FSC Chairman Yim Jong-yong during his opening speech said that “although Korea is a relative newcomer to fintech, Korea’s fintech sector is growing rapidly  thanks to the government’s efforts to develop a favorable environment for fintech firms.”

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“If the world’s ICT leader Korea closely cooperates with fintech powerhouse UK, I believe we together can create a global financial innovation and new model for the rest of the world” he added.

More series of Fintech Demo-days are scheduled to open in the US and China in the second half of this year to set a venue for Korea’s excellent fintech companies to showcase and export their innovative technology.