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Korea Fintech Week 2019 opened showcasing the latest technologies

According to Yonhap News,

(SEOUL=Yonhap News) The first global Fintech exposition in Korea to vitalize Fintech industries opened on May 23.

The 1st Korea Fintech Week, hosted by Financial Services Commission (FSC) and Financial Supervisory Service(FSS), and organized by Fintech Center Korea, kicked off with an opening ceremony.

The opening ceremony was attended by about 200 participants from Fintech companies, financial institutions, overseas financial authorities and international organizations.

Keynote speakers included Chairman Choi Jong-ku (Financial Service Commission), President Douglas Feagin (International Business, Ant Financial), Matt Dill (VISA Global Head) and Simon Smith (British Ambassador to the Republic of Korea).

FSS Chairman Choi said, "We are committed to expanding Fintech investment in connection with risk capital in the capital market, as well as budgetary support to shore up stable growth of Fintech companies," adding that "we will keep building legal and institutional infrastructure to develop the Fintech industries into a future growth industry creating new added values and quality jobs."

This event has been prepared to raise awareness of Fintech, provide opportunities to aspiring entrepreneurs, and promote exchanges in the Fintech industries home and abroad. About 2,500 people made pre-registration.

On the first day of the event, titled "Business Day", there are sessions introducing success stories of Korean Fintech companies, and seminars on global Fintech policy and trend.

The Regtech & Suptech Showcases (presentation sessions) introduced technologies for Anti-Money Laundering(AML), check on wrong claims payment, and detection of suspicious transaction. RegTech is to utilize information technology (IT) to enhance regulatory processes through improved efficiently and automation, while SupTech is to efficiently and effectively conduct financial supervisory through the latest technologies.

The Korea Fintech Week consists of Youth Day (May 24) offering career fair, Fintech pitch contest, and mentoring for students, followed by Family Day (May 25) in which financial consultation and educational programs are provided.

During the event, 52 booths provide visitors with innovative services experience, including mobile asset management service and the bio authentication and digital signature utilizing touch-less biometrics (palm, fingerprint) technologies.

The financial authorities intended to share policy examples of various countries at seminars by Fintech subject, e.g., sandbox policy, and offer opportunities to scale up investment and overseas expansion by matching Fintech companies and investors.

The authorities plan to host the event every year to develop into a global event.

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Source Text

Source: Yonhap News (May 23, 2019)

** This article was translated from Korean.

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