Korea launches hub for developing fintech services

30 August 2016

A new platform was this week unveiled in the Republic of Korea for helping the financial organizations develop financial solutions in the fintech industry. The first of its kind, the platform is designated for suggesting transaction applications with the participation of all main banking institutions and security companies. The development will be performed with the use of the Application programming interface (API).

This new initiative should operate as the direct link between the developers of financial technologies and providers of financial services while also acting as the place of origin of new ideas. Head of the Financial Services Commission at the opening even noted that the creation of the platform will serve as the foundation stone for further development and advancement of the financial technologies in South Korea bringing the nation to the leading position in the sector globally.

Companies operating in the financial technologies plane will have faster and more efficient way to design and implement useful services for consumers.

The initiative was launched as a result of a collaborative work between the Korean organization responsible for communications and financial services in partnership with the leading developer Koscom Corp. To date it was joined by sixteen banks and twenty five security companies.

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