Korean firm Fintech Magic holds a meeting with Cambodian businesspeople at Fintech Demo-day in Cambodia, in Phnom Penh on June 13.
Korea's fintech startups have expanded their reach into Cambodia and Singapore.
Financial technology, also known as fintech, describes companies that design software or apps that make financial services more efficient for customers, such as mobile banking apps and credit card apps.
On June 13, the Fintech Demo-day in Cambodia conference was held in Phnom Penh, showcasing various prototypes, services and business models from some 11 Korean fintech firms. The firms presented their software at the opening forum, and held one-on-one meetings with government officials and industry representatives afterward.
At the event, KB Kookmin Bank signed a memorandum of understanding (MOU) with Canadia Bank, the second largest bank in Cambodia, to collaborate on fintech. Kookmin also launched its mobile banking platform in Cambodia, with financial services tailored for the local market.
Gmoney Trans, a startup that facilitates money transfers, clinched a deal with Wing, a Cambodian mobile banking service, to jointly provide remittance services for Cambodians working abroad.
KB Kookmin Bank and Canadia Bank sign a memorandum of understanding on the sidelines of the Fintech Demo-day in Cambodia conference in Phnom Penh on June 13.
A representative for BSMIT explains his firm's artificial intelligence-based 'robo-advisor' to a buyer, at the Echelon Asia Summit 2016 in Singapore on June 15.
Korean fintech firms also participated in the Echelon Asia Summit 2016, held on June 15 in Singapore, where they showcased their services and apps and met with local investors.
At the event, Standard Chartered Korea launched its "Mobility Platform," a mobile financial service, in the local market. The software makes it possible to withdraw money, take out loans and issue bank cards using a tablet, allowing bank tellers to help customers in remote locations upon request.
Finally, Korea's Financial Services Commission said it plans to launch Fintech Demo-day conferences in the U.K., the U.S. and China, and that it hopes to provide full support to Korean fintech startups as they enter the global market.
By Lee Hana
Korea.net Staff Writer
Photos: Fintech Center
hlee10@korea.kr
Korean fintech firms showcase their software at the Echelon Asia Summit 2016, in Singapore on June 15.