S. Korea's financial industry benchmarks Britain's fintech knowhow

Park Sae-jin Reporter Posted : 2017-11-14 17:45 Updated : 2017-11-14 17:45
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Samsung Pay is currently the most widely used fintech digital wallet serviced in South Korea. [Courtesy of Samsung]

South Korea will benchmark Britain's fast-growing fintech industry to amend related regulations and boost the development of its industry, a top financial regulator said.

"Britain's fast-growing fintech industry was supported by the British government, backed by regulation innovation policy," Financial Services Commission (FSC) chairman Choi Jong-ku told a forum in Seoul on Tuesday.

Financial technology, also widely known as fintech, involves smartphones and related devices to compete with traditional banking services. It includes services such as digital payment and digital currencies. 

A flood of changes has swept over Britain during the last nine years, with fintech companies gaining ground over traditional financial services by expanding their business into mobile payments, digital wallets and digital currencies. As a result, the British fintech industry has seen a tsunami of investments this year, becoming the country's new growth engine.

"British government efforts have jacked up the fintech industry up to become one of the global leaders," Choi said, adding Britain would be a great precedent. The size of the global fintech industry is estimated at $3.3 trillion, while South Korea's stands at $51.2 billion, according to academic data.y.