Korea to bol­ster fin­tech ties with ASEAN na­tions: fi­nan­cial reg­u­la­tor

The Korea Times - - FINANCE -

Korea’s fi­nan­cial reg­u­la­tor said Mon­day it will deepen co­op­er­a­tion with the 10-mem­ber As­so­ci­a­tion of South­east Asian Na­tions (ASEAN) in the fi­nan­cial tech­nol­ogy sec­tor.

Sohn Byung-doo, vice chair­man of the Fi­nan­cial Ser­vices Com­mis­sion, said in a meet­ing with en­voys from ASEAN ear­lier in the day that an up­com­ing sum­mit is ex­pected to help bet­ter con­nect Korea to ASEAN.

Pres­i­dent Moon Jae-in is set to host the spe­cial sum­mit with his coun­ter­parts from the re­gion in Korea’s south­ern port city of Busan on Nov. 25.

The sum­mit “will serve as a spe­cial op­por­tu­nity for Korea and ASEAN to deepen re­la­tions,” Sohn told the meet­ing, ac­cord­ing to a statement re­leased by the FSC.

Korea’s fin­tech in­dus­try is ex­pected to ex­pand co­op­er­a­tion with its ASEAN coun­ter­parts in the wake of the Busan sum­mit, Sohn said.

Korea has sought stronger eco­nomic ties with South­east Asian coun­tries to re­duce its heavy re­liance on large mar­kets like the United States and China and to fos­ter new growth driv­ers.

Bi­lat­eral trade be­tween Korea and ASEAN reached a record high of $160 bil­lion last year. Seoul seeks to boost the amount to over $200 bil­lion by 2020.

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