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South Korea to Strengthen Fintech Ties with Silicon Valley

By November 4, 2016 at 8:54 am
Fintech (Photo : Tech in Asia / Flickr )

South Korea has announced last Friday that it will strengthen its ties with Silicon Valley on financial technology - commonly known as fintech.

According to the Korean Financial Services Commission (KFSC), The Fintech Center of Korea signed memorandums of understanding or MOUs with two reputable organizations - Silicon Valley Forum and 500 Startups - to initiate the sidelines of South Korea's Fintech Demo Day event held in Silicon Valley.

Silicon Valley Forum is the largest non-profit organization that functions as a center of knowledge and connections in the tech industry. It covers virtually all tech-related things, including the startup and investment ecosystem in its local area, throughout the United States, and globally, to the latest tech trends in the world today. 500 Startups, on the other hand, is a leading international early-stage venture fund and startup accelerator that manages $200 million in assets and invests in over 1300 technology startups.

The memorandums of understanding that the three bodies signed calls for the strengthening of ties in the fintech sector as well as for the expansion of related information sharing. This already marks South Korea's fifth agreement with foreign countries on fintech ties. Last month, the KFSC and the Monetary Authority of Singapore (MAS) signed an agreement to strengthen their ties in the fintech space. Under the agreement, both bodies will explore joint innovation projects on big data, mobile payments and other technologies.

The South Korean Fintech Demo Day event in Silicon Valley that was held last Thursday was a part of the nation's efforts to help fintech developers tap into overseas markets. According to the KFSC, over twenty South Korean fintech companies participated in the event, drawing keen attention from over 300 potential investors.

South Korea, which is known for its advanced mobile technology, also held similar demo day events in Britain, China, and Southeast Asia.

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