South Korean Fintech Firms Look to Enter China
Following the South Korean government’s determined push to support and encourage Fintech development, announced in late October, the country’s Fintech startups are looking to gain a foothold in China. Five South Korean Firms and interested business partners in China were a part of a pitch made today by the firms in Beijing, according to the Korea Herald. The event, titled “Fintech Demo Day in Beijing”, was funded by the South Korean government and saw the country’s industry startups showcase technologies such as a mobile wallet, biometric identification, and a robo-adviser, among other....
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The South Korean government will issue permits to FinTech firms including bitcoin mediated foreign currency transfer services to enable international money transfers for small funds. Come August 15, about 40 FinTech firms are expected to launch international money transfer services after receiving permits from the Financial Supervisory Service, South Korea’s financial regulator. According to the Korea Herald, the permitted amount for a one-off transfer via a FinTech firm will be $3,000 or less. The annual limit for a single account will be capped at $20,000 for transfers through FinTech....
Several South Korean fintech companies plan to petition the Korean Fair Trade Commission (KFTC) to object to Apple’s policy of not opening its near field communication (NFC) to outside app developers, according to Pulse, an English-language news site of Maeil Business Newspaper in South Korea. The Korean firms claim Apple’s policy prevents them from offering certain fintech services to customers. Interpay Co., eB Card Co., Hankook NFC Co., Kona I Co. and KTB Solution plan to file the petition as early as this month. The Korea Fintech Industry Association (KORFIN) is leading the effort,....
The South Korean government is moving to lessen the burden on FinTech companies who use bitcoin for foreign currency transfers by lowering their minimum capital requirements. According to a report from Korean news outlet PulseNews, local FinTech companies who offer bitcoin-mediated foreign currency transfer services will see easier regulations come July this year. There are about 20 FinTech companies who use bitcoin for foreign currency transfer services to Korean citizens. The South Korean government is set to lower the minimum equity capital criteria for FinTech companies in the foreign....
A new report suggests that China could push the U.K. off the FinTech top spot as Chinese companies overshadow U.K. firms. The report, from KPMG and H2 Ventures, found that compared to 2015 there were only 13 U.K. firms in the yearly FinTech 100 report. In 2015, that number is reported to have been 18. However, only one U.K. firm, Atom Bank, was reported to be in the top ten. Compared this to Chinese companies and while the report detailed that there were eight firms listed in the top 100, four of them made it to the top five. These are Ant Financial, Qudian, Lufax, and ZhongAn. Of course,....
A major South Korean TV series with crypto and blockchain-related topics is set to launch its production stage at the beginning of 2021, directed by Gemstone Film, in collaboration with firms in China and the United States. South Korean Crypto-Related TV Drama Series ‘Pumping Time’ Is Set to Start in 2021 According to Financial News, “Pumping Time,” the tentative name for the drama series, is planned for a total of 10 seasons with 20 episodes per each one. The producers estimate that each episode will have a duration of 30 minutes. Gemstone Film will allocate an....