Our mission trip to Korea has been a fantastic journey filled with valuable experiences and connections.

We began our adventure by visiting key institutions such as the Industrial Bank of Korea, KB Kookmin Bank, and Kakao Bank. At IBK Bank, we explored their Startup Factory Accelerator Programs and IBK Lab, which support innovation and SME growth. KB Kookmin Bank’s Innovation Hub was a highlight, showcasing their efforts to help South Korean startups enter Southeast Asia with resources like business development support and co-working spaces. Kakao Bank, a leader in digital banking, shared insights into their successful blend of finance and technology, driving robust growth through their mobile platform.

On the second day, our focus shifted to understanding the Korean market. We visited DR & AJU LLC, gaining insights into market expansion, incorporation, and taxation. At the KORFIN Asia FinTech Conference, we engaged with regional FinTech associations and signed an MOU with KORFIN, paving the way for future collaboration. The day concluded at the Tenity x Seoul FinTech Lab x PEN Ventures event, where discussions emphasized the importance of market research, understanding local culture, and business etiquette.

Days 3 and 4 were marked by participation in Korea FinTech Week 2023, where we represented the SFA at the Global Booth. We met with key players like Shinhan Bank and the Financial Supervisory Service, gaining deeper insights into South Korea’s regulatory landscape. Reuben Lim, our COO, shared perspectives on Singapore’s FinTech ecosystem and regional collaborations. We also explored opportunities with Rainmaking APAC and Enterprise Singapore, focusing on scaling startups and expanding into new markets. A visit to Hana Bank provided further insights into fostering FinTech collaborations and navigating regulatory challenges.

Our final day included an enlightening meeting with KPMG Korea, which revealed Korea’s open banking initiatives and potential for market expansion. We then wrapped up our trip at Korea FinTech Week, enjoying the vibrant atmosphere and connecting with industry peers.

A heartfelt thank you to all our delegates and the SFA team for their support and contributions throughout this mission.