12th Fintech Demo-day was held on October 24. This time’s event was honored with the presence of Yip Wei Kiat the Singaporean ambassador to Korea and Sue Kinoshita the acting British ambassador to Korea.
At the event, Singaporea and Korea signed a MOU agreeing to enhance the bilateral cooperation in the fintech sector. The two countries already have a strong tie in the field since Fintech Demo-day held in Singapore back in June.
What’s even more meaningful this time is that professional investors from 13 venture capital firms participated for the first time since the first opening of the event and showed great interest in the fintech technologies showcased by fintech startups.
At the congratulatory speech, FSC Chairman Yim Jong-yong emphasized the need for a brand new strategy to take Korea’s fintech industry to the next level, and announced the 2nd phase of the government’s plan for fintech innovation. While the focus was put on eradicating excessive regulations hampering fintech startups during the 1st phase, the government will, according to Chaiman Yim, concentrate on redesigning and fine-tuning the already-existing regulations and systems to create more fintech-friendly environment.
In line with such effort, the government has already implemented the testbed for financial regulation to ease regulatory burdens for fintech startups. Moreover, policy banks will provide financial assistance worth KRW 3trillion for the next three years to help innovative fintech firms to launch and develop their business.
The momentum will be carried on by hosting another series of Fintech Demo-days in the Silicon Valley in November and in Beijing in November in an effort to fuel domestic fintech startups to expand their business overseas.