New gov platform in Korea to help FinTech startups develop apps

South Korea is developing a platform aimed at helping fintech companies launch their apps faster.

The new platform, to launch at the end of the month, will create a network between the systems of various financial services providers, enabling fintech businesses to develop apps using the services of more than one provider.

Compatibility issues often delayed the introduction of new apps in the past.

Six banks and 25 brokerage firms have already joined the government-backed platform, according to a report by Korea Joongang Daily.

Last month, South Korea sealed a fintech cooperation agreement with the UK that will allow the two countries to make cross-border investments in the financial technology sector.

Today, South Korea’s Woori Bank announced a partnership with Vietnamese mobile banking service provider M-Service as a move to expand in the Asian fintech space.

Copyright © 2016 FINTECH GLOBAL

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