Recently, many experts are suggesting that there is a need for broad-scale reform of Korea’s FinTech industry by the government and the firms for its development. This issue was the main theme in the seminar hosted by KAIST on the 21^st.

“The obscure and unclear practices by the financial authorities sometimes exercise stronger power than the specified regulation. Hence, the regulation system regarding FinTech should be modified.” said ChangHyun Yoon, Professor of University of Seoul. “Cities such as New York and London are now becoming global FinTech hubs; however it is doubtful that Seoul has the potential to be one... bold investment should be made to enhance Seoul’s FinTech competence,” added ByungTae Lee, Professor of KAIST College of Business.

ByunChun Kim, head of the KAIST Finance Engineering Research Center, emphasized the usage of big data analytics to pioneer a new market. 

Link: http://news.mk.co.kr/newsRead.php?year=2015&no=498041