Opportunities in fintech in Korea

South Korea’s growing and increasingly deregulated financial services sector offers opportunities for Victoria’s innovative fintech businesses and start-ups, particularly in the digital payments, regtech (regulation technology), insurtech (insurance technology) and blockchain subsectors.

In line with Global Victoria’s mission to establish strategic partnerships to drive trade outcomes, the Seoul Victorian Government Trade and Investment (VGTI) office facilitated the signing of a Memorandum of Understanding (MoU) between Fintech Australia and Fintech Center Korea in July 2021. The MoU has provided a platform for exchange and supports both trade and investment opportunities in the fintech sector. This includes supporting their membership to attend key fintech industry events in Australia and Korea. Victorian fintech businesses interested in the Korean market will benefit from the increasing collaboration between the industry groups.

Fintech Australia’s primary onshore industry event is Intersekt, Australia’s largest fintech conference, which took place in Melbourne between 7 – 8 September 2022. Following the conference, Fintech Australia led a virtual delegation to the 2022 Korea Fintech Week (28 – 30 September). Set up by Korea’s Financial Services Commission under the theme “Fintech, Tearing Down Barriers in Finance”, the three-day event included a series of presentations, seminars, investment and mentoring opportunities and entrepreneurial pitches.

The Seoul VGTI office attended the conference to observe market trends and identify opportunities and is well-placed to support Victorian fintech businesses interested in the Korean market.