July 07, 2020

Regulator says 16 fintech firms attract over 136 bln won in investment

PUBLISHED : May 15, 2020 - 16:20

UPDATED : May 15, 2020 - 16:24

  • 본문폰트 작게
  • 본문폰트 크게
  • 페이스북
  • 트위터
  • sms

Sixteen fintech firms and startups have attracted a combined 136.4 billion won (US$111 million) in investment over the past year as the country is pushing to promote the fintech industry, South Korea‘s financial regulator said on May 14.

The investments came a year after South Korea introduced a regulatory sandbox meant to allow fintech firms using new technologies, such as blockchain and big data, to develop new financial services without regulatory hurdles.

The move came as South Korea is counting on fintech to reinvigorate its financial industry, which has been struggling with slow growth and thin margins.

The Financial Services Commission (FSC) said fintech firms and startups plan to release a total of 66 services before June.

The commission also said seven fintech companies are pushing to make inroads into 14 countries, including Thailand, Vietnam, Indonesia and Hong Kong, as part of their efforts to become unicorns.

A unicorn company refers to an unlisted startup with a valuation of more than US$1 billion.

By newswires and Park Ga-young (

  • 페이스북
  • 트위터
  • sms
Herald Corporation|CEO : Kwon Chung Won
Publisher. Editor : Kwon Chung Won
Chief Privacy Officer & Juvenile Protection Manager : Yang Sung-jin
Title : The Investor|Date of registration : 2015.04.28
Company Registration No. 104-81-06004
Mail-Order Business Registration 2016 - Seoul Yongsan - 00590
Huam-ro 4-gil 10, Yongsan-gu, Seoul, Korea
T : +82-2-727-0114|Business info
Gov’t registration No. Seoul 아04099