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 the further vitalized the industry
Korea's financial regulator held an international symposium Houdini shares
with us what was discussed as soon as a person stands in front of the camera an
AI base cognitive services system analyzes ones age sex and even his or
current mood the system is currently on trial in banks in India and Singapore
which helps 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 betas 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 financial services industry globally is on the cusp of a
major transformation and so now is the right time for financial services
companies in Korea to start investing in technologies like cloud and artificial
intelligence to provide transformation within their businesses compared to
other countries like the US or China South Korea's French tech industry is
lagging behind however the Financial Regulator is
hopeful that Korea still has the potential to lead the industry Korea has
a high the highest smartphone internet penetration ratios and Korea also has a
high literacy digital literacy ratios and people's are very eager to adopt new
technology in their financial behavior Korea's financial regulator says it aims
to create a fin tech 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 Carini Arirang news





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