The Financial Services Commission held a meeting with fintech businesses, venture investors, and related industry groups on April 9 and held talks on ways to promote investment and boost support for the fintech industry.

FSC Vice Chairman Kim Soyoung presided over the meeting and spoke about the importance of today’s meeting in his opening remarks. Vice Chairman Kim said that a continuation of high interest rates and economic uncertainties has pushed down investments for startup businesses and the fintech industry around the world. To help improve the competitiveness of our financial industry, Vice Chairman Kim added that it is crucial to make policy efforts to revitalize the fintech industry and its investment ecosystem. In this regard, Vice Chairman Kim said that the government will (a) expand the operation of fintech innovation funds to continue to make investment in promising fintech businesses, (b) upgrade the financial regulatory sandbox program, and (c) support overseas expansion of fintech businesses and expand the supply of related policy funds.

As a part of the government’s plan to continue to promote investment in the fintech industry, the FSC and related organizations discussed and announced a plan to set up a second batch of fintech innovation funds worth KRW500 billion for operation for four years between 2024 and 2027. The first batch of fintech innovation funds was in operation between 2020 and 2023, during which it raised a total of KRW513.3 billion and supplied KRW282.4 billion in investment to some 85 fintech startups. Thus, the size of fintech innovation funds will grow to a total of KRW1 trillion for eight years between 2020 and 2027. For creating the second batch of fintech innovation funds, big tech platform companies will newly make contributions following an agreement signed at last year’s Korea Fintech Week. In addition, Korea Growth Investment Corporation will support business-to-business (B2B) collaboration and partnership between fintech businesses and financial and big tech companies.

The FSC will actively take into account what has been discussed at today’s meeting to formulate more effective policy measures that will help to revitalize the fintech industry and its investment ecosystem.

* Please refer to the attached PDF for details.