South Korea's fintech market has grown remarkably in recent years, bolstered by its robust IT and financial infrastructure.
has surged more than fourfold over the past nine years, reaching nearly 600 in 2022. Since 2015, the government has been proactively working to facilitate the entry of companies into the fintech sector and eliminate regulatory hurdles. In 2019, the fintech industry reached significant milestones with the introduction of a regulatory sandbox and the
. Furthermore, the launch of the MyData service in 2022 improved the accessibility and control of financial data by allowing individuals to securely manage and utilize their information from multiple institutions on a single, user-friendly platform.
South Korea’s fintech landscape
The fintech market in South Korea has been driven in large part by the thriving Payments Technology (PayTech) sector. PayTech refers to innovative technologies and tools to facilitate and secure digital payment transactions, including online and contactless payments. In recent years, the
mobile payment industry in South Korea has seen remarkable advancements, with the widespread adoption of cutting-edge technologies and the development of user-friendly payment solutions.
After the mandatory use of public key certificates for online payments was lifted in 2015, numerous fintech companies entered the market, leading to a surge in the adoption of mobile payment methods among South Koreans. By registering their cards with mobile payment service providers, users can now easily make online and offline payments using a passcode or fingerprint scan, thus bypassing the previously cumbersome authentication process. As
fintech companies increasingly dominate the payment sector, traditional banks, and card companies face mounting pressure to innovate and adapt to the evolving landscape.
Leading fintech companies
Currently, major players such as Naver Pay, KakaoPay, and Toss dominate South Korea's fintech landscape. In 2023, Naver Pay and KakaoPay collectively held over 90 percent of
the digital payment market based on transaction value. Toss, which is operated by
Viva Republica, has been pivotal in revolutionizing financial services by offering various financial services, including peer-to-peer money transfers, bill payments, investment management, and insurance services. As of December 2023, Toss was valued at approximately seven billion U.S. dollars, firmly establishing itself as
South Korea's leading unicorn company.
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