KorFin focuses on digital innovation and job creation

The Korea Fintech Industry Association (KorFin), with over 413 member companies, claims to be the largest private fintech alliance in South Korea. Since its establishment in 2016, the association has committed to fostering the growth of the industry by improving the efficiency of the financial sector and enhancing consumer experience.

Jinwook Choi, policy support team leader, provided valuable insights to the association and its activities for promoting growth and innovation. Its focus is on supporting the scaling up of startups by matching them with investment institutions, especially in the area of environmental, social and governance initiatives across the industry. The association is dedicated to creating transparent and open communication by listening to members, regardless of their size and market position.

Choi shared KorFin’s vision to improve the competitiveness of the fintech industry by contributing to user-centric digital innovation, creating high-quality jobs, and by fostering new industries. It responds to various changes surrounding fintech to strengthen the competitiveness and innovation of the industry through policy recommendations and networking with member companies.

KorFin does this by creating a cooperative environment for members to discuss and resolve common industry issues, supporting member activities, identifying potential improvements to the regulatory system, and providing feedback on amendments to legislations.

In 2018, the government rolled out the Fintech Enablement Policy that took effect in 2019. This policy provides a legal basis for the financial regulatory sandbox, which aims to support the growth of the fintech industry and improve regulations through innovation.

Member companies are grouped into 10 categories, including payments, asset management, overseas remittance, blockchain, financial investment, security authentication, peer-to-peer (P2P) crowdfunding, insurtech, cultural finance, and regtech. Notable unicorn members include Kakaopay, Naver Financial, and Toss.

KorFin is also developing and deepening industry capacities and capabilities in digital assets, decentralised finance, the metaverse and Web 3.