Singapore and South Korea Come Together for Fintech
The Monetary Authority of Singapore (MAS), Singapore’s central bank, has collaborated with yet another Asian country, within days of partnering with an Indian state government over exploring and developing blockchain technology and Fintech. The primary monetary authority in Singapore and the Korean Financial Services Commission (KFSC) – an authority of the same stature in South Korea – will cooperate over Fintech, exploring joint innovation projects with a focus on big data and mobile payments. “This agreement lays the groundwork for deeper FinTech collaboration between Singapore and South....
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Indonesia and South Korea are thinking about joining forces in an attempt to boost the FinTech industry to help the burgeoning sector in both countries, reports The Jakarta Post. Last month South Korea announced that it is going to introduce bitcoin regulations in 2017 as digital currencies continue to grow in the country. According to the report, bitcoin adoption has increased significantly in South Korea, amounting to 1.5 trillion won in transactions. It was recently reported that the South Korean government was pushing ahead with the system expansion of digital currency to promote the....
The Swiss Finance Minister recently said that as Singapore and Switzerland are not fintech competitors it is important to have a good working relationship between the two countries. Speaking to Channel NewsAsia, Swiss Finance Minister Ueli Maurer, said: It is important to have good relationships and today is a step to network between the two countries … I think it is important that small countries (which) are important financial centres have this network and understand the need to cooperate. He added: We are not competitors (and) we can cooperate together. Benefits of Working with....
South Korea announced today that it plans to promote the FinTech sector in the country through the expansion of digital currency such as bitcoin, reports The Korea Herald. Not one to fall behind in the digital currency adoption race, the South Korean government is pushing ahead with the system expansion of the digital currency, in a bid to keep up with other countries. It will also offer three trillion won ($2.65 billion) in financial support over the next three years as it develops the FinTech sector in South Korea. Yim Jong-yong, chairman of the Financial Services Commission, said in a....
South Korea is making efforts to prepare “Systematic Groundwork” for the spread of digital currency. According to South Korea’s Yonhap agency, the country recently hosted the 12th Fintech Center Demo Day event, where Yim Jong-yong, chairman of the Financial Services Commission (FSC), declared that the South Korean government would also offer $2.65 bln in financial support over the next 3 years for the development of the fintech sector. Cointelegraph has already reported new Bitcoin centric developments in South Korea recently and how things are changing fast in Korea in sync with....
Hong Kong, which many consider as the Asian center of financial and technological development, is struggling to see consistent growth in its Fintech and Bitcoin markets. Other Asian countries such as China, Japan, South Korea and Singapore have outcompeted Hong Kong by creating a practical and efficient ecosystem for startups and financial service providers to operate in. Clear policies. China and South Korea in specific have laid out sound regulations and policies within their Fintech and Bitcoin markets, allowing startups and mature corporations to follow a clear regulatory framework to....