South Korea Fintech

With South Korea being one of the most technology advanced countries in the world, it offers a fertile ground for fintech companies. "According to Statista, the Transaction Value in the fintech market amounts to $43,032,000 in 2017. One can assume that the transaction Value has significantly risen in the last 2 years. In this blog post, I am going to talk about a few companies in South Korea that have left their mark on the fintech industry. The first company is Samsung. On August 20th, 2015 Samsung released Samsung Pay in South Korea. In South Korea, Samsung has over 1 million users. Samsung Pay is an app that allows its users to make payments and transfer money through their phones and other mobile devices. Now you might be thinking how is this fintech? Well, fintech is literally just financial technologies. And as simple as Samsung Pay is, it makes a huge difference in the financial world. The second company in the fintech industry is called Viva Republica. "Founded in 2013, Viva Republica is a fintech company that offers innovative peer-to-peer money transfer services via a mobile app called "Toss"." If you are thinking this sounds familiar, you would be correct. In the United States, many people are using a similar app called Venmo. And the final company that I will mention is called 8PERCENT. This company is "a leading start-up that brings together savvy investors and creditworthy borrowers together so that both can benefit financially.  The company replaces the complexity and high cost of bank lending with a smarter and faster way to invest and borrow money. As of November last year, 8percent had issued 8.15 billion won ($7.02 million) in loans, the highest among competing platforms." From these examples, you can see that fintech while rather new is coming fast. In todays society, people want to be able to manage their finances faster and without stress. These fintech companies that are being created do exactly that and more. Within the next 20 years, one could assume that fintech will take over the finance industry and that there wont be physical stores anymore. Everything will be online and you will be able to access everything through the touch of your phone/mobile device/computer. 

For more information on fintech and other examples of fintech companies vist: https://techbullion.com/top-10-fintech-companies-south-korea/