Broadly benefit the fintech world?

Broadly benefit the fintech world?

South Korea’s SK Telecom and Hana Financial Group have formed a joint venture (JV) agreement to develop and launch a mobile financial services platform.

The firms say the deal combines SK Telecom’s mobile technologies and big data analytics with Hana Financial Group’s experience in financial products and mobile financial services.

Kim Jung-tae, chairman of Hana Financial Group, says the JV will also “work closely with start-ups to build an open fintech ecosystem”.

The two companies will establish Hana-SK Fintech Corporation (a “tentative” name for the JV) with a capital stock of KRW 50 billion ($44.7 million). Under the agreement, SK Telecom will hold a 49% equity stake, with Hana Financial Group holding the remaining 51%.

When launched, the platform will offer a variety of mobile financial services – such as payments, remittance and asset management – through a single mobile app. They plan to launch the platform in the first half of 2017.

Both firms will also look at international partnerships to “expand” their fintech services to the global market. This includes “nurturing” start-ups to help develop ideas from an early stage.

The beautiful south

The fintech scene in South Korea is looking lively.

Its government is launching an open platform designed to let firms develop and test apps for personal finance management.

The nation’s banking sector is getting a shake up with two digital-only banks applying for regulatory approval in the second half of this year.

IBM and SK Holdings C&C, a South Korean IT services company, are planning to bring IBM’s Watson cognitive technology language services to the country’s banking space.

Korea Exchange (KRX), the securities exchange operator in South Korea, also announced plans to launch a platform powered by blockchain to liven up the off-board trading market.