Fintech Center, PwC, KIC China Sign MOU for FinTech Development

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Monday, February 27th, 2017

Kim Hak-gyun (center), a standing member of the Financial Services Commission, poses with Jung Yoo-shin (right), chairman of the FinTech Center and Park Ki-tae, partner of Samil PwC, after signing a MOU on Feb. 23.

The FinTech Center signed a memorandum of understanding (MOU) with Samil PwC and KIC China, respectively, on Feb. 23 to strengthen the cooperation in FinTech area.

With the signing of the MOUs, the two agencies plan to provide expert and systematical support services such as consulting, training and overseas advancement advices to promising Korean FinTech companies, a spokesman of the FinTech Center said.

The signing ceremony was held at the "15th FinTech Demo Day" event organized by the FinTech Center at the Korea Exchange international conference room with the attendance of some 100 guests, including CEOs, executives and senior officials from FinTech companies, financial companies, relevant institutions and MOU-signing agencies.

The FinTech Center also held the "Town Hall Meeting" to create a stage for free communication and interchange between FinTech companies and financial firms.

Among dignitaries on hand at the event were Kim Hak-gyun, a standing member of the Financial Services Commission, Jung Yoo-shin, chairman of the FinTech Center, Kim Hak-soo, director general of the Financial Services Commission, Park Ki-tae, partner of Samil PwC and So Seong-mo, vice president of NH Bank.

Kim Jae-joon, chairman of KOSDAQ Market Commission, Kang Shin, executive director of Koscom Corp., Kim Hyung-joo, managing director of Korea Securities Depository, Jeon Yoong, vice president of Financial Security Institute, and Prof. Jung Yoo-shin of Sogang University also attended the event.

Under the agreement, meanwhile, Samil PwC will support training and consulting services such as accounting, tax, attraction of investment, IPO and M&A to the FinTech start-ups that the FinTech Center is recommending, the spokesman said.

KIC China will provide incubating programs, local network building and training services for FinTech companies moving to advance to China.

"It is expected that, based on these cooperation foundation, we could give FinTech start-ups more realistic helps on network building and overseas advancement support," said the spokesman.

"It was meaningful that, since officers of financial companies from all financial circle including banks, stocks, credit cards, insurances had participated, it provided a chance for them to raise mutual understanding and initiate cooperation," he said.

The participants in the Town Hall Meeting had time to share opinions freely on recent FinTech industry trends and services in and out of the country.

At the event, a total of five FinTech companies, including 8BYTE, Money Brain, LONY and Into World Technology, introduced their new FinTech services and technologies through technology presentation and booth installment.

Delivering a congratulatory speech, meanwhile, Kim Hak-gyun, the standing member of the Financial Services Commission, said, "Thanks to the efforts of relevant personnel of the FinTech industry for the last two years, we have achieved many visible results such as improvement of people's awareness on FinTech, expansion of easy payment and money transfer and starting cloud funding.

"Sixty-six percent of the general public recognized FinTech, and 74.2% of the FinTech users were satisfied with the service, according to a survey in November 2015," he said.

"Furthermore, the Financial Services Commission is preparing the second-phase FinTech development plan to create innovative services armed with global competitive power and to raise customer convenience," he stressed.

He also said that it will establish a general support system through close cooperation with relevant agencies such as financial companies and relating agencies.

"We also plan to seek multi dimensional support plans for overseas advancement of FinTech companies such as local information provision, network building and incubating program provision through cooperation with overseas advancement support agencies such as KOTRA and KIC," he added.


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