Indonesia and South Korea are thinking about joining forces in an attempt to boost the FinTech industry to help the burgeoning sector in both countries, reports The Jakarta Post.
Last month South Korea announced that it is going to introduce bitcoin regulations in 2017 as digital currencies continue to grow in the country. According to the report, bitcoin adoption has increased significantly in South Korea, amounting to 1.5 trillion won in transactions.
It was recently reported that the South Korean government was pushing ahead with the system expansion of digital currency to promote the FinTech sector. Over the next three years, the country is expected to provide three trillion won in financial support to develop the industry.
Not only that, but with the recent launch of the Winklevoss Brothers bitcoin and ether exchange, Gemini, opening up in South Korea, this illustrates that the country is slowing making strides in the digital world.
Sout Korea is ramping up its Fintech initiatives.
However, while South Korea may be making strides in this industry, Indonesia lags far behind. More, therefore, needs to be done to push the country forward in the race.
So much so, that during the 2016 Korea-Indonesia Fintech Seminar and Business Meetings in Jakarta, Keunju Lee, secretary-general of Korea Fintech Industry, said to The Jakarta Post, that:
Indonesia and Korea need to develop a strong and integrated fintech ecosystem through a collaborative partnership, within the ecosystem and across different ecosystems.
According to Ajisatria Suleiman, the Indonesian Fintech Association’s director of public policy, the visit would create opportunities for local Indonesian firms by adopting the technology that South Korea was implementing.
Such a move, however, will take time for results to come in. That, though, isn’t stopping both countries from making it happen.
According to The Jakarta Post, representatives from ten South Korean financial technology companies and an industry are meeting with Indonesian firms to discuss the latest updates within Korean FinTech.
It is hoped that this will pave the way to explore possible partnerships.
The Rise of FinTech
It appears that the financial technology sector is here to stay. More countries are turning their attention to the FinTech race they each battle it out to become the global hub for the industry.
And yet, with South Korea and Indonesia considering a collaboration to boost the industry in both countries it can only be a good thing that will help to further demonstrate their attractiveness to startups.
Images from Shutterstock.
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