South Korea to support fintech firms enter China

South Korea pitched during the ‘Fintech Demo Day’ that was held in Beijing that it would support those South Korean fintech startups that seeks to establish itself in Chinese market, Korea Herald reported.

According to the Financial Services Commission (FSC), the event was held by South Korean state-funded Fintech Center and was joined by five South Korean fintech firms and potential business partners from China. During the event, the participating companies showcased robo-adviser, mobile wallet, biometric identification and other advanced services, followed by one-on-one consultation sessions.

The Fintech Center also signed a MoU on fostering the partnership with the operator of Chengdu City's high-tech industrial zone. The FSC said that by signing the MoU, a ‘bridgehead’ has been established for full-scale cooperation with China in the fintech field.

"The Beijing event marked the last of this year's program. The government plan to continue such fintech demo day events in 2017,” the FCA stated.

South Korea, earlier held fintech demo day events in countries including Singapore, Cambodia and cities like London and Silicon Valley.