2024 Korea Fintech Week kicks off on August 27 with major fintech businesses, financial companies, related organizations, academic institutions, and foreign governments and organizations at Dongdaemun Design Plaza (DDP) in Seoul.

The expo will be held for three days between August 27 to 29 under the theme of “Beyond Boundaries: Fintech and AI Redefining Finance,” providing opportunities to lure investment and share updates on the newest fintech and AI technologies and trends. 85 exhibition booths and 109 businesses and associations will participate to promote innovative technologies and attract investments

Chairman Kim Byoung Hwan of the Financial Services Commission delivered welcoming remarks in which he emphasized the importance of AI as a game changer for industries and society, and how we harness AI will determine the competitiveness of individuals and companies in the future. Chairman Kim vowed to support the finance industry so that it could play a leading role in propelling Korea into the top three nations in AI sector. Chairman Kim outlined four key directions for digital finance policies aimed at facilitating fintech and the digital transformation (DX) of the financial sector. 

First, he emphasized the need to revisit financial regulations established in the analog era to accelerate the digital transformation of finance. This will involve rationalizing entry and conduct regulations for financial companies, as well as standards for information processing, such as cloud usage.

Second, Chairman Kim highlighted the importance of strengthening collaboration between fintech companies and financial companies. To this end, the regulations on financial institutions’ investments in fintech businesses will be re-evaluated, and discussions will begin on reforming the regulatory framework governing outsourcing agreements, as well as improving the electronic financial systems, to allow the emergence of diverse business models in the era of big blur.

Third, Chairman Kim announced the launch of the Beyond Sandbox initiative. By systematically analyzing the 350 or so innovative financial services introduced thus far, tailored support will be provided, and the designation period for innovative financial services will be extended to ensure that outstanding services are reliably available in the market.

Lastly, Chairman Kim vowed to establish a global strategy for Korean fintech companies. A plan for a support system that focuses both public and private resources on areas where Korea’s fintech industry holds a technological edge will be established.

“Fintech and digital transformation are not fleeting trends but ongoing challenges that will shape the future of finance,” said Chairman Kim Byoung Hwan, further stating “We will boldly pursue digital financial innovation to ensure that outdated standards do not unfairly dictate the present and future.”

The opening ceremony featured congratulatory remarks and keynote speeches by distinguished guests from home and abroad, including Kang Min-kuk, a member of the National Policy Committee of the National Assembly, Gintarė Skaistė, Minister of Finance of Lithuania and Paolo Sironi, Global Research Leader of IBM. Especially, as a keynote speaker, Paolo Sironi shared his views on the impact of AI in the financial sector, and the emergence of non-financial companies in fintech services (the so-called embedded finance).

For more information, please visit the official expo website (https://2024.fintechweek.or.kr)

* Please refer to the attached PDF for details.