Korea strengthens fintech cooperation with Indonesia

Korea strengthens fintech cooperation with Indonesia

Written by CoHive Corporate Communication Team, Published on 09 september 2019

The Financial Services Commission (FSC) said Monday it has strengthened cooperation with Indonesia to support Korean startups entering into the Southeast Asian country.


Indonesia is regarded as one of the countries having the biggest growth potential in fintech.


According to the top financial regulator, Vice Chairman Sohn Byung-doo made a two-day visit to the Southeast Asian country to boost ties between the two countries in the fintech sector.


On Monday, he participated in the opening ceremony of Shinhan Future's Lab Indonesia and the Fintech Demoday event in Jakarta, to help Korean fintech startups make inroads into ASEAN's largest economy.


Shinhan Future's Lab Indonesia is the banking group's second startup accelerator program abroad, following Shinhan Future's Lab Vietnam that opened in December 2016.

Shinhan selected four Korean startups to support their entry into Indonesia. 


It will also invest in three selected Indonesian startups.


Fintech Demoday, which was hosted jointly by the Fintech Center Korea and the Fintech Indonesia Association, allowed 12 fintech firms from both countries to introduce themselves to investors. 


Sohn will attend the Korea-Indonesia Financial Cooperation Forum, which will be held Tuesday under the theme of "Digital Financial Transformation."


He will meet Indonesian Financial Services Authority (OJK) Chairman Wimboh Santoso on the same day to boost ties between the two countries' financial authorities.


According to the FSC, Sohn said entering the global market is necessary for continuous growth of the nation's fintech industry.


The regulator also said the government will support fintech firms' expansion in the ASEAN market, considering their demand for overseas expansion.