One fascinating detail is the fact that a significant number of participating startups were working with blockchain
From the left, Young-Suc Lyu, CEO of Korbit, Yim Jong-Yong, Chairperson of the FSC, Michael Gorriz, CIO of SC Group, Joon-kook Hwang, Korean Ambassador to the UK, Nadeem Shaikh, CEO of Anthemis
The Fintech Centre of Korea, an organisation working to promote the growth of fintech startups from the country, held an outreach programme in London over the weekend at which it was announced that Standard Chartered Group had invested US$250,000 into Jayoung Tech Co. (JYTech), a company that builds portable card printing machines.
The JYTech hardware can print a variety of cards but on the website it uses the example of an identification card to display the service. Standard Chartered said it invested in the company to improve its mobility platform plan.
The event was in the style of a demo day but its main purpose was to provide an opportunity for fintech companies to meet notable players in London — possibly the world’s leading city in the fintech industry.
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While the startups demonstrated their product as would be expected, there were also opportunities to sign Memorandums of Understanding with local finance firms and fintech startups to boost international cooperation.
An interesting tidbit from the event is the fact that, of the 13 South Korean and five British companies participating, the dominant vertical for the startups was blockchain (the technical support system of bitcoin). It highlights the technology’s ability to capture the mainstream imagination of fintech entrepreneurs.
From the left, Yim Jong-Yong, Chairperson of the FSC, Michael Gorriz, CIO of SC Group, Seo-Lae Kim, CEO of JYTech, Yushin Jeong, Chairman of Fintech Centre of Korea.
There is a broader context for the Fintech Centre of Korea. The group is making a push to evangelise the nation’s fintech scene across the globe. Six weeks ago, it signed an MOU with Fintech Singapore and has inked similar agreements in Australia and France this year.
Fintech Centre of Korea explicitly stated its main target is to promote the overseas expansion of its firms.
Also Read: Indonesia’s Bank Mandiri launches incubator for fintech startups
The event was held in association with the third UK-Korea Financial Forum by the Financial Conduct Authority of UK and the Financial Services Commission of Korea.
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Photos courtesy of The Fintech Centre of Korea.
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