Korea, In­done­sia en­hance fin­tech ties

The Korea Times - - FINANCE - By Park Jae-hyuk [email protected]­re­atimes.co.kr

The Fi­nan­cial Ser­vices Com­mis­sion (FSC) said Mon­day it has strength­ened co­op­er­a­tion with In­done­sia to sup­port Korean star­tups en­ter­ing into the South­east Asian coun­try.

In­done­sia is re­garded as one of the coun­tries hav­ing the biggest growth po­ten­tial in fin­tech.

Ac­cord­ing to the top fi­nan­cial reg­u­la­tor, Vice Chair­man Sohn Byung-doo made a two-day visit to the South­east Asian coun­try to boost ties be­tween the two coun­tries in the fin­tech sector.

On Mon­day, he par­tic­i­pated in the open­ing cer­e­mony of Shin­han Fu­ture’s Lab In­done­sia and the Fin­tech De­mo­day event in Jakarta, to help Korean fin­tech star­tups make in­roads into ASEAN’s largest econ­omy.

Shin­han Fu­ture’s Lab In­done­sia is the bank­ing group’s sec­ond startup ac­cel­er­a­tor pro­gram abroad, fol­low­ing Shin­han Fu­ture’s Lab Viet­nam that opened in De­cem­ber 2016.

Shin­han se­lected four Korean star­tups to sup­port their entry into In­done­sia.

It will also in­vest in three se­lected In­done­sian star­tups.

Fin­tech De­mo­day, which was hosted jointly by the Fin­tech Cen­ter Korea and the Fin­tech In­done­sia As­so­ci­a­tion, al­lowed 12 fin­tech firms from both coun­tries to in­tro­duce themselves to in­vestors.

Sohn will at­tend the Korea-In­done­sia Fi­nan­cial Co­op­er­a­tion Fo­rum, which will be held Tues­day un­der the theme of “Digital Fi­nan­cial Trans­for­ma­tion.”

He will meet In­done­sian Fi­nan­cial Ser­vices Author­ity (OJK) Chair­man Wim­boh San­toso on the same day to boost ties be­tween the two coun­tries’ fi­nan­cial au­thor­i­ties.

Ac­cord­ing to the FSC, Sohn said en­ter­ing the global market is nec­es­sary for con­tin­u­ous growth of the na­tion’s fin­tech industry.

The reg­u­la­tor also said the gov­ern­ment will sup­port fin­tech firms’ ex­pan­sion in the ASEAN market, con­sid­er­ing their de­mand for over­seas ex­pan­sion.

Cour­tesy of Shin­han Fi­nan­cial Group

Par­tic­i­pants in the open­ing cer­e­mony of Shin­han Fu­ture’s Lab In­done­sia pose at the CoHive head­quar­ters build­ing in Jakarta, Mon­day. From left are Shin­han Fi­nan­cial Group Vice President Park Woo-hyuk, Coun­cil on In­ter­na­tional Fi­nan­cial Co­op­er­a­tion Chair­man Sohn Sang-ho, Fin­tech Cen­ter Korea Chair­man Jung Yoo-shin, Fi­nan­cial Ser­vices Com­mis­sion Vice Chair­man Sohn Byung-doo, Shin­han Bank CEO Jin Ok-dong, Min­is­ter of the Korean Em­bassy in Jakarta Jeon Jo-young and CoHive CEO Ja­son Lee.

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