ROK to Invest Millions for Fintech Support
The Financial Services Commission (FSC) of South Korea and Seoul Metropolitan Government have committed roughly 19bil KRW ($16mil) for four years to train fintech specialists.
The financial agreement between the two government entities will last from 2020 to 2023 as the ‘Digital Finance Professional Training Project’. Agencies that are accepted into the program will receive funding for the four years the program is planned ot be underway.
The program will be divided into degree and non-degree programs, and will focus on Fintech applications related to IT, big data, cloud, and blockchain technology. Considering private banks and popular payment services are already utilizing blockchain technology in a number of their processes, the Seoul government may be behind the pack in regard to training for Fintech and blockchain for government use cases.
Training for this program will take place in Yeouido, the financial hub in Seoul and South Korea where many trans-national finance firms have offices, and where the National Assembly resides. Participants in the program also have the opportunity to join the startup support program related to digital finances and Fintech in general.
This program and its affiliated projects will be provided in conjunction with the Mapo FRONT 1 startup initiative which opens in June, and the Seoul Fintech Lab, a startup platform for Fintech startups in Yeouido.
The Ministry of Finance said about this newly-funded program, “The demand for specialists in Fintech is increasing,” and as a result, it is necessary to cultivate experts to lead the domestic drive into the digital finance era.
The FSC and Seoul Metropolitan Government additionally called for subsidiary government agencies to aid in the professional Fintech education initiative. They noted that universities, research institutes, financial institutions, and financially-expert organizations to ensure a further growth of the Fintech education initiative.
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