In South Korea, Korea JoongAng Daily, reported South Korea is considering blockchain technology to improve its Fintech innovation, which at the same time would follow the initiative of backing new technologies such as cryptocurrencies, rather than regulating them.
The FSC’s chairman, Choi Jong-Ku, stated that: “The players in the financial service market are becoming more diverse, with new companies entering, and the competition in the financial market is becoming fiercer. As a result, existing financial companies are also making attempts with FinTech to raise their services.”
Choi’s statement seems to be confirmation that the FSC is seeking new horizons such as FinTech innovations and, perhaps most excitingly, the possibilities this represent for cryptocurrencies and the support of South Korea towards that industry.
This would also represent an excellent opportunity for youngsters, Jong-Ku stated, drawing the link between growth in the FinTech space and greater opportunities for young people.
He sustained that with the development of new technologies as FinTech requires, many of the youth could benefit by obtaining a more significant spectrum of job opportunities.
The FSC is expecting that many existing regulatory rollback reports can help the industry in general to find ways to improve the bugs. For instance, businesses could increase the creation of job opportunities and on the other hand, decrease the service fees they charge to people, which will give them an example of the actual improvements of the Fintech business, like offering clients video chat investment round-ups, shopping and the use of crowdfunding in small businesses.
In addition, Korea JoongAng Daily affirmed that the FSC is developing an application-to-application payment system with which they intend to allow customers to buy products or services without the need for a credit card. Nonetheless, this would not mean that they won’t have to pay a fee per transaction, but yes indeed, the facilitation of a more intuitive and friendly payment system.
Some of the companies pinpointed by Korea JoongAng Daily are the FinTech enterprise Toss, and the banks Kakao and K Bank, which allegedly are already on the testing stage of app-to-app payment technology.