[Sponsored Report] Cash or credit? Try fintech insteadThe financial sector is undergoing a striking transformation, both internationally and in Korea. Instead of swiping a credit card or handing someone cash, smartphones and watches are the new method of payment. The trend, now widely referred to as fintech, or financial technology, is attracting businesses from many fields.
For consumers, fintech means convenience. Financial transactions will become increasingly accessible, and as fintech providers analyze the wants and needs of their clients, their products will become even more customer-oriented.
In Korea, electronics giants and mobile carriers like Samsung and SKT are at the head of mobile wallet technologies. Major banks are investing in similar projects as well.
But Korean companies are not without challenges in the fintech race. Complex regulations and security concerns may cause trouble for many businesses, and high barriers to entry are anticipated since every company wants to gain a competitive advantage in the field.
But Korean companies are still diving into the fintech trend, pursuing new and innovative technologies. Although questions remain about how the domestic market will respond, and how the government will cooperate regarding policies and regulations, continuing investment indicates that companies expect a promising future in fintech.