Korea – FinTech Ranking https://fintechranking.com All You Should Know About Fintech Tue, 16 May 2023 00:16:17 +0000 en-US hourly 1 https://wordpress.org/?v=5.3.15 https://fintechranking.com/wp-content/uploads/2020/03/ftr_favicon2.ico Korea – FinTech Ranking https://fintechranking.com 32 32 96937361 Samsung to research South Korea’s CBDC for offline payments https://fintechranking.com/2023/05/15/samsung-to-research-south-koreas-cbdc-for-offline-payments/?utm_source=rss&utm_medium=rss&utm_campaign=samsung-to-research-south-koreas-cbdc-for-offline-payments Mon, 15 May 2023 23:14:00 +0000 http://fintechranking.com/?p=27026 Tech giant Samsung Electronics has reportedly partnered with South Korea’s central bank to conduct research

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]]> Tech giant Samsung Electronics has reportedly partnered with South Korea’s central bank to conduct research on central bank digital currency (CBDC) for offline payments.

On May 15, the Bank of Korea (BOK) and Samsung signed a memorandum of understanding (MOU) for research on offline CBDCs, according to local media KBS World. The collaboration will have both parties researching the offline capabilities of the CBDC issued by the central bank.

Read more: Cointelegraph

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]]> 27026 South Korea broadens rules defining which tokens are securities https://fintechranking.com/2023/02/06/south-korea-broadens-rules-defining-which-tokens-are-securities/?utm_source=rss&utm_medium=rss&utm_campaign=south-korea-broadens-rules-defining-which-tokens-are-securities Mon, 06 Feb 2023 23:40:00 +0000 http://fintechranking.com/?p=26395 South Korea’s regulator has widened the definition of what type of blockchain-based token is considered

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]]> South Korea’s regulator has widened the definition of what type of blockchain-based token is considered a security with implications for issuers and crypto exchanges.

The Financial Services Commission said Monday that tokens with matching characteristics to securities as defined by South Korea’s Capital Markets Act will be regulated as such.

Read more: The Block

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]]> 26395 Binance acquires majority stake in Korean crypto exchange GOPAX https://fintechranking.com/2023/02/06/binance-acquires-majority-stake-in-korean-crypto-exchange-gopax/?utm_source=rss&utm_medium=rss&utm_campaign=binance-acquires-majority-stake-in-korean-crypto-exchange-gopax Mon, 06 Feb 2023 23:29:00 +0000 http://fintechranking.com/?p=26389 Binance Holdings plans to return to South Korea after pulling out of the market in 2021. The

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]]> Binance Holdings plans to return to South Korea after pulling out of the market in 2021. The world’s largest cryptocurrency trading platform by volume said it had acquired a majority stake in South Korea-based crypto exchange GOPAX. 

In November, GOPAX suspended customer withdrawals from its DeFi service, GoFi, after suffering effects from the bankrupt lender Genesis Global Trading, a Digital Currency Group (DCG) subsidiary. Genesis offered yields on crypto lending to GOPAX, and DCG, which invested in GOPAX in April 2021, is the second largest shareholder of GOPAX. In addition, GOPAX’s parent company, Streami, is one of the 10 largest creditors of Genesis. 

Read more: TechCrunch

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]]> 26389 South Korea to deploy cryptocurrency tracking system in 2023 https://fintechranking.com/2023/01/29/south-korea-to-deploy-cryptocurrency-tracking-system-in-2023/?utm_source=rss&utm_medium=rss&utm_campaign=south-korea-to-deploy-cryptocurrency-tracking-system-in-2023 Sun, 29 Jan 2023 23:08:00 +0000 http://fintechranking.com/?p=26328 The Ministry of Justice in South Korea announced plans to introduce a crypto-tracking system to

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]]> The Ministry of Justice in South Korea announced plans to introduce a crypto-tracking system to counter money laundering initiatives and recover funds linked to criminal activities.

The “Virtual Currency Tracking System” will be used to monitor transaction history, extract information related to transactions and check the source of funds before and after remittance, according to local media outlet khgames.

Read more: Cointelegraph

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]]> 26328 South Korean financial super app Toss closes $405M Series G https://fintechranking.com/2022/12/21/south-korean-financial-super-app-toss-closes-405m-series-g/?utm_source=rss&utm_medium=rss&utm_campaign=south-korean-financial-super-app-toss-closes-405m-series-g Wed, 21 Dec 2022 10:09:00 +0000 http://fintechranking.com/?p=26174 Viva Republica, an operator of South Korean finance super app Toss, has finalized a $405 million

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]]> Viva Republica, an operator of South Korean finance super app Toss, has finalized a $405 million Series G funding and it says it is now valued at 9.1 trillion won ($7 billion), up from 8.5 trillion won in June 2021, when it raised $410 million in pre-Series G funding at a $7.4 billion (8.5 trillion won) valuation. 

Fintech-focused investor Tonic Private Equity led the Series G round along with returning backers, including Korea Development Bank (KDB), Altos Ventures, Goodwater Capital, Greyhound Capital, Aspex Management, Bond Capital and DUMAC. Korea Investment & Securities participated in the latest funding as well. The fintech company said it had completed its first and second close of Series G, approximately $226 million (295.8 billion won) and $175.8 million (229.3 billion won), respectively, in the third quarter of 2022, and the third close of the new funding in November. 

Read more: TechCrunch

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]]> 26174 Delio Introduces South Korea’s First “Crypto Bank” Service https://fintechranking.com/2022/07/10/delio-introduces-south-koreas-first-crypto-bank-service/?utm_source=rss&utm_medium=rss&utm_campaign=delio-introduces-south-koreas-first-crypto-bank-service Sun, 10 Jul 2022 07:23:00 +0000 http://fintechranking.com/?p=25546 Delio, which claims to be a leader in digital asset finance in South Korea, has

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]]> Delio, which claims to be a leader in digital asset finance in South Korea, has launched a Crypto Bank service and expanded its business into offering virtual banking services.

Since its founding in 2018, Delio claims it has been “leading the Korean crypto financial market by offering a variety of financial services related to digital assets, including savings and lending products.”

Read more: Crowdfund Insider

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]]> 25546 Toss Bank to allow foreigners to open online bank accounts https://fintechranking.com/2022/05/03/toss-bank-to-allow-foreigners-to-open-online-bank-accounts/?utm_source=rss&utm_medium=rss&utm_campaign=toss-bank-to-allow-foreigners-to-open-online-bank-accounts Tue, 03 May 2022 09:48:00 +0000 http://fintechranking.com/?p=25276 Toss Bank is now the first South Korean internet-only bank to allow foreign residents here

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]]> Toss Bank is now the first South Korean internet-only bank to allow foreign residents here to open an online bank account, the lender said Monday. 

“Starting Monday, all foreigners here are able to open an account as long as they have their registration card,” Toss Bank said in a statement. Foreigners are offered the same service as locals, according to the bank, which was set up last year, four years after rivals Kbank and KakaoBank were launched in 2017.

Read more: The Korea Herald

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]]> 25276 Fintech arm of AirAsia secures US$100mil from Korean SK Group https://fintechranking.com/2021/08/07/fintech-arm-of-airasia-secures-us100mil-from-korean-sk-group/?utm_source=rss&utm_medium=rss&utm_campaign=fintech-arm-of-airasia-secures-us100mil-from-korean-sk-group Sat, 07 Aug 2021 06:48:00 +0000 http://fintechranking.com/?p=24399 Digital wallet BigPay has raised US$100 million in financing from South Korean conglomerate SK Group.

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]]> Digital wallet BigPay has raised US$100 million in financing from South Korean conglomerate SK Group. The fintech arm of AirAsia Digital will use the funds to support its digital banking expansion in Southeast Asia. This is the biggest funding that a portfolio company under AirAsia Digital has received to date.

Established in 2017, BigPay provides money transfer, microinsurance, bill payment, and budgeting services on top of offering a prepaid debit card that works with Visa- and Mastercard-compatible portals. The company currently has operations in Malaysia and Singapore, with the goal of setting foot in Thailand and then other Southeast Asian countries.

Read more: Tech in Asia

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]]> 24399 Viva Republica, developer of Korean financial super app Toss, raises $410M at a $7.4B valuation https://fintechranking.com/2021/06/23/viva-republica-developer-of-korean-financial-super-app-toss-raises-410m-at-a-7-4b-valuation/?utm_source=rss&utm_medium=rss&utm_campaign=viva-republica-developer-of-korean-financial-super-app-toss-raises-410m-at-a-7-4b-valuation Wed, 23 Jun 2021 10:52:00 +0000 http://fintechranking.com/?p=24177 Viva Republica, the Seoul-based fintech company behind Toss, a super app with more than 40 financial services,

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]]> Viva Republica, the Seoul-based fintech company behind Toss, a super app with more than 40 financial services, announced today it has raised $410 million at a post-money valuation of $7.4 billion, TechCrunch reports. The new funding was led by Alkeon Capital, an American investment firm, and included participation from new investors like Korea Development Bank, and returning backers Altos Ventures and Greyhound Capital.

The company plans to launch Toss Bank, a neobank, in September 2021, which it describes as “the final key component” of its super app strategy. It will also use the funding to continue its expansion in overseas markets, including Vietnam, where Toss launched last year.

Read more: TechCrunch

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]]> 24177 S.Korea digital bank Kakao Bank picks advisors for planned IPO https://fintechranking.com/2020/12/17/s-korea-digital-bank-kakao-bank-picks-advisors-for-planned-ipo/?utm_source=rss&utm_medium=rss&utm_campaign=s-korea-digital-bank-kakao-bank-picks-advisors-for-planned-ipo Thu, 17 Dec 2020 12:05:00 +0000 http://fintechranking.com/?p=23274 South Korean digital bank Kakao Bank Corp has picked advisors for its planned initial public

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]]> South Korean digital bank Kakao Bank Corp has picked advisors for its planned initial public offering (IPO), Reuters reports.

Kakao Bank is one of two digital banks in South Korea. It became profitable in 2019 after less than two years of operation, and analysts currently estimate its valuation around 10 trillion won ($9.15 billion).

It chose Credit Suisse and KB Investment & Securities as lead advisors, the spokesman said, with Citigroup as co-advisor.

Read more: Reuters

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