With a population of around 50.22 million people and over 41.4 million mobile users, South Korea offers a fertile ground for fintech companies. According to Statista, the Transaction Value in the fintech market amounts to US$43,032m in 2017. The Transaction Value is expected to show an annual growth rate of 18.5 percent, resulting in the total amount of US$101,182m in 2021, which is reasonably a decent growth. The country is posing a challenge to China and India in setting up the healthiest fintech eco-system among the Asian nations. To get an insight into the fintech sector in the country, here are 10 popular fintech companies you should watch.
Developed by Samsung electronics, Samsung Pay allows users to make payments using compatible phones and other Samsung-produced devices. The service was launched in South Korea on 20th August 2015 and in the US on September of the same year. Last year, the company announced that Samsung Pay would be available in a variety of banks in Brazil, Australia, Spain, and Singapore. Samsung has over one million active users of Samsung Pay in South Korea alone. In the US and South Korea, Samsung Pay has registered over 4 million membership cards.
2) Viva Republica
Founded in 2013, Viva Republica is a fintech company that offers innovative peer-to-peer money transfer services via a mobile app called “Toss”. With a fast growing user base of more than 4 million, Toss is disrupting the old-fashioned ecosystem that plagues the county’s $ 500 Billion consumer market. Since its launch, Toss has processed more than $1 billion in transactions. Core use cases include mobile commerce, P2P payments and digitally closing the loop for offline transactions.
8percent is a leading start-up that brings together savvy investors and creditworthy borrowers together so that both can benefit financially. The company replaces the complexity and high cost of bank lending with a smarter and faster way to invest and borrow money. As of November last year, 8percent had issued 8.15 billion won ($7.02 million) in loans, the highest among competing platforms.
Founded in 2012, Rainist offers financial products recommendation based on individual’s life patterns and purchase behaviour. Through BankSalad, Rainist’s credit card recommendation service, more than 25,603 users have saved an average amount of 4 percent from their previous consumption. The company not only offer perfect financial marketing platform for banks and card companies but also provide personalized recommendation to individual users.
5) Yello Financial Group
Yello Financial Group is leading financial technology platform consisting of innovative technologies such as machine learning, payment solutions, big data analytics, bitcoin exchange, and blockchain solutions. These technologies synergistically enable the company to provide personalized/customized digital-first financial services such as robo-advisory, brokerage, P2P lending, banking, and crowdfunding to both large financial institutions and retail customers.
6) Stocks Plus for Kakao
‘Stocks Plus for Kakao’ enables users to check their stock quotes in real-time via Kakaotalk, a multi-platform messaging app. The platform has achieved over 20 million page views. The partnership with Mirae and Kiwoom asset has made the platform to adopt the function to trade stocks directly. Partnerships with other key stock companies are still in progress.
Founded in 2011, Newsystock is a Robo-Portfolio platform that provides accurate analysis and equity purchase recommendations in the stock market. The company collects financial raw data, assess every listed stock with its unique system, and then deliver the results to investors. It boasts partnerships with Hankook Economy TV, Kiwoom Securities Co., and Kakao.
Founded in 2010, GUMOisland is an IT company that specialises in financial management, outsourcing, project management, web design, graphic design, cloud consulting, and more. The company offer whooing, a web-based account book that provides simple transaction input and detailed financial statement.
Infosonic is the start-up that produces Sonic Pass as mobile authentication and payment app. Sonic Pass is the integration app service that allows users to login and pay both offline and online without inputting anything like PW/ID, Credit information.
Korbit is Korea’s leading Bitcoin exchange, wallet and merchant processor. Established in July 2013, the company allow users to use Bitcoins to exchange, buy, and sell on the web. Last year, Korbit unveiled a new service called Hyphen. The new platform enables s users to make direct-to-bank pay-outs across 24 countries worldwide.