S. Korea's Financial Supervisory Service holds international symposium to vitalize fintech industry
- 5 years ago
금감원, 국제심포지엄 개최…미래의 금융, 새로운 금융감독 논해
Fintech,... refers to new technology that aims to improve the delivery and use of financial services.
According to a report from Ernst & Young,... around 30 percent of those surveyed here in the nation claims to use such services regularly.
But that's... less than half the usage rate in China.
To further vitalize the industry,... Korea's financial regulator held an international symposium.
Ko Roon-hee shares with us what was discussed.
As soon as a person stands in front of the camera, an AI-based cognitive services system analyzes one's age, sex, and even his or her current mood.
The system is currently on trial in banks in India and Singapore,... which helps to identify customers including high net worth individuals.
"All these are being put together and being implemented by banks, to support their customers better and service their customers better."
This interactive booth is part of an international symposium prepared by the Financial Supervisory Service on Thursday.
A total of 19 organizations, including financial companies and research institutes around the world took part in the event... to discuss changes in the way financial services are created and delivered to consumers.
Korean participants had a chance to learn from global tech giants like Google, Amazon and Microsoft... and their experience in innovations made possible by artificial intelligence, big data, and cloud solutions.
Speakers from around the world also shared their insights about Korea's fintech industry.
"The financial services industry, globally, is on the cusp of a major transformation. Now is the right time for financial services companies in Korea, to start investing in technologies like cloud and aritifical intelligence to provide transformation within their businesses."
Compared to other countries like the U.S. or China, South Korea's fintech industry is lagging behind.
However, the financial regulator is hopeful that Korea still has the potential to lead the industry.
"Korea has high smartphone and internet penetration ratios. Korea also has (one of the world's highest) digital literacy ratio and people are very eager to adopt new technologies in their financial behaviors."
"Korea’s financial regulator says it aims to create a fintech-friendly supervisory environment in the future…such as introducing more firms to its ‘designated agent system’…which refers to financial companies outsourcing their core functions to a fintech innovator. Ko Roon-hee, Arirang News."
Fintech,... refers to new technology that aims to improve the delivery and use of financial services.
According to a report from Ernst & Young,... around 30 percent of those surveyed here in the nation claims to use such services regularly.
But that's... less than half the usage rate in China.
To further vitalize the industry,... Korea's financial regulator held an international symposium.
Ko Roon-hee shares with us what was discussed.
As soon as a person stands in front of the camera, an AI-based cognitive services system analyzes one's age, sex, and even his or her current mood.
The system is currently on trial in banks in India and Singapore,... which helps to identify customers including high net worth individuals.
"All these are being put together and being implemented by banks, to support their customers better and service their customers better."
This interactive booth is part of an international symposium prepared by the Financial Supervisory Service on Thursday.
A total of 19 organizations, including financial companies and research institutes around the world took part in the event... to discuss changes in the way financial services are created and delivered to consumers.
Korean participants had a chance to learn from global tech giants like Google, Amazon and Microsoft... and their experience in innovations made possible by artificial intelligence, big data, and cloud solutions.
Speakers from around the world also shared their insights about Korea's fintech industry.
"The financial services industry, globally, is on the cusp of a major transformation. Now is the right time for financial services companies in Korea, to start investing in technologies like cloud and aritifical intelligence to provide transformation within their businesses."
Compared to other countries like the U.S. or China, South Korea's fintech industry is lagging behind.
However, the financial regulator is hopeful that Korea still has the potential to lead the industry.
"Korea has high smartphone and internet penetration ratios. Korea also has (one of the world's highest) digital literacy ratio and people are very eager to adopt new technologies in their financial behaviors."
"Korea’s financial regulator says it aims to create a fintech-friendly supervisory environment in the future…such as introducing more firms to its ‘designated agent system’…which refers to financial companies outsourcing their core functions to a fintech innovator. Ko Roon-hee, Arirang News."