Supporting Growth (Scale-up) through K-Fintech Globalization – 1st “Fintech Support Council” to be held in 2025

Purpose:

The Korean government has announced its plans to support the growth and global expansion of K-Fintech companies through various initiatives. The “Fintech Support Consultation Body” meeting, held on February 6, 2025, marked a significant step in this direction. The consultation body aims to foster cooperation among government agencies, financial institutions, and fintech companies to promote the growth and global competitiveness of K-Fintech.

Effects on Industry:

The announcement is expected to have a positive impact on the Korean fintech industry, which has been growing rapidly in recent years. The new initiatives aim to support the global expansion of K-Fintech companies, particularly through the establishment of overseas branches and partnerships with international financial institutions. This move is likely to increase investment opportunities for K-Fintech startups and entrepreneurs, enabling them to tap into global markets and expand their business reach.

Furthermore, the expansion of the “Korea Fintech Week” event to a global platform will provide an opportunity for international fintech companies to showcase their products and services, fostering collaboration and innovation between Korean and foreign fintech players. This initiative is expected to contribute to the growth of the fintech industry in Korea and promote the country’s reputation as a hub for fintech innovation.

Relevant Stakeholders:

The new initiatives are likely to affect various stakeholders in the fintech industry, including:

1. K-Fintech startups and entrepreneurs: The support programs aimed at promoting the global expansion of K-Fintech companies will provide opportunities for these businesses to grow and expand their reach.
2. Financial institutions: The establishment of overseas branches and partnerships with international financial institutions will enable Korean banks and other financial institutions to tap into new markets and expand their business reach.
3. International fintech companies: The expansion of the “Korea Fintech Week” event to a global platform will provide an opportunity for foreign fintech companies to showcase their products and services in Korea.

Next Steps:

To implement these initiatives, the government plans to:

1. Establish overseas branches and partnerships with international financial institutions to support the global expansion of K-Fintech companies.
2. Expand the “Korea Fintech Week” event to a global platform, featuring international fintech companies and showcasing their products and services.
3. Provide investment and policy financing support to K-Fintech startups and entrepreneurs through the establishment of new funding programs.

Any Other Relevant Information:

The government has also announced plans to relax regulations related to the participation of financial holding companies in fintech investments, aiming to encourage greater investment and cooperation between financial institutions and fintech companies. This move is expected to promote the growth and global competitiveness of K-Fintech companies. Additionally, the establishment of a “fintech support hub” will provide resources and support for fintech startups and entrepreneurs, helping them navigate the regulatory environment and access funding opportunities.