Fintech in South Korea

Last week, FintechValley had the chance to attend the World Fintech Forum event in Seoul, in South Korea. It was a two-day event that covered Fintech topics from different industries: blockchain, security, peer-to-peer lending, remittance, payments, among others. We also had the chance to hear about the current status of Fintech in other countries such as in Hong Kong, Singapore, Spain, Israel, Japan and the Czech Republic.

In this post, we would first like to introduce to you some of the companies we came across in the event, some we have heard about and some other established Fintech-related enterprises in the South Korean market.

In a post to follow we will then discuss more in detail about the World Fintech Forum. 

Fintech Korea

 

Paygate is a South Korean Fintech that supported and sponsored the World Fintech Forum mentioned above. The Seoul based company is not only a local Payment Service Provider, but also provides South Korean credit card processing services, online bank transfers, mobile micro payments, among other services. Find out more about them under  www.paygate.net/eng/

Villy is a peer-to-peer lending South Korean Fintech platform created in 2015. The start-up is based in Seoul, and currently serves only the South Korean market. Further information about them on their website (in Korean language): www.villy.co.kr

Sentbe is a Money remittance Fintech in Seoul that focuses on Filipinos sending money home from South Korea. According to their website, users can “…Send to any banks (it can be over the counter or thru ATM) or pickup outlets anywhere in the Philippines…”. Further information available on their website in English, Korean, Vietnamese and Tagalog: www.sentbe.com

Blocko is a Seongnam based Fintech start-up founded in late 2014, working on a product called “Coinstack”. According to their website, their product “…is a Blockchain service to give application developers who are not familiar with Blockchain the environment, development tools and building kits…to build their applications.” Read about them and the companies that have use Coinstack under: www.blocko.io/index_en.html

Viva Republica is a company that has recently launched a mobile phone money-transfer application in South Korea. The company was created in 2011, but the P2P application was launched in December 2015. Further information under the website (Korean only): https://toss.im

Happy bean is a crowd-founding online donation platform created by Naver, the most important search engine in South Korea. According to their website, more than 4,6 million users have made donations via their platform. Further information, in Korean, under:
http://happybean.naver.com

KakaoPay and Bank Wallet Kakao, are two services developed by the Korean developer KAKAO. Both are features of the South Korean mobile messaging application KakaoTalk.  The first solution allows consumers to pay, and the latter provides money transfer between friends according to their corporate website. Further information about KakaoPay at http://www.kakao.com/kakaopay and about Bank Wallet Kakao under:  http://m.bankwallet.co.kr/main/index.do

SamsungPay is the e-wallet and mobile payment service developed by the Korean conglomerate for their mobile devices. It was first launched in South Korea in mid-2015 and later in the United States. It was launched in the first half of 2016 in China and in Spain. More information under:  http://www.samsung.com/us/samsung-pay/

There are more Fintech companies in South Korea, and we will list them in a second part and inform you about their status and evolution in the coming months. If you are part of one or if you would like us to make a profile article about one that you believe could be of particular interest, please feel free to get in touch with Fintech Valley.

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