* Date : 2017-03-03
Fintech, Innovation in Digital Finance
Fintech is emerging as the hottest topic in the financial sector. A convergence of finance and IT technology, fintech includes mobile transfers, transaction services, crowd funding and loans, and even investments. The emergence of fintech is prompting a shift to hand-held finances and a cashless society throughout the entire financial sector. 85% of all financial transactions in Korea already take place through fintech, and the market is growing by 20% each year. Competitions is also fierce among corporations to secure an advantage of fintech, as it has been recognized as a high added value industry and the mainstream of finance. Amid such development, security issues have emerged as a hurdle to further promoting fintech in the long run. We examine the present state of fintech, as it changes the financial environment in Korea, and look into ways to secure a role of leadership.