"2019 Seoul International Financial Conference" Open
15 companies operating in Seoul FinTech Lab. will be operated information booths.
'Foreign currency →point' unmanned conversion system 'Buddy Coin' and 'map-payment information' combined service drew attention
FinTech companies that will lead innovative financing have gathered in one place. Innovative companies operating in FinTech Lab in Seoul drew attention by introducing their own new technologies to domestic and foreign financial experts who attended the Seoul International Financial Conference. They launched services in various areas, including banks, insurance, securities and payments, and will be signaling a change in the financial industry.
The "2019 Seoul International Financial Conference" was held at the Conrad Hotel in Yeouido, Seoul on Thursday. The conference was held together by the Seoul Metropolitan Government and the Financial Supervisory Service, and presentations and discussions were held on the future of the era of FinTech.
There is also a place where FinTech companies introduce their innovative technologies. Fifteen companies operating in "Seoul FinTech Lab" set up promotional booths at the venue and provided participants with business and service-related information.
The service that drew the most attention at the event was Woody's "Buddy Coin." A large kiosk (unmanned terminal) installed at the entrance of the venue caused the participants to wonder, and many people stopped visiting and experienced it in person.
Buddy Coin is a service that converts foreign currency into points through unmanned systems. If you select a type of foreign currency in a kiosk and insert bills or coins like a vending machine, you can convert one won to one point by applying the real-time exchange rate. Earned points can be used for payments through Payco and others. It can be used as digital products at movie theaters, fast food and coffee shops.
The biggest advantage of Buddy Coin is its convenience. You can turn foreign currency into a point in a matter of seconds, as if you were using a beverage vending machine. In the case of bills, 80 kinds of bills are handled in 20 countries, with a 0% commission in all. It can be set aside on better terms than the banks that apply preferential exchange rates to foreign currencies of major countries' foreign currencies. Hard-to-handle coins can also be converted to a relatively low 30% commission. In the future, Woody will expand the installation of kiosk devices and expand its service to directly exchange money, not to accumulate points.
SNS services for stock investors are also expected to be released next year. "MoeME," which is currently being beta tested by FinTech company AVEapp, is a service that collects investment information channels operated by securities firms, asset management companies and private information companies. Investors can receive useful information in real time and participate in separate chat rooms by subscribing to the information provider's channel they want.
Institutions that provide investors with information can pay MoeME for opening a channel and recruit customers. It is also possible to sell paid information through channels. In the future, AVEapp will also introduce algorithms that screen information through collaboration with other FinTech companies. With the introduction of algorithms, investors can receive more net information through individual settings.
The asset management app, which combines maps and payments, also drew attention. The biggest feature of "Pay Story," released by Softrunch earlier this year, is that it matches the exact payment location to the existing household book app. By entering the stores registered on the map, the company solved the problem of some apps that had been less accurate by inferring consumption patterns only by their mutual names.
It also recommends products by analyzing customer's location data. Depending on the consumption pattern, a nearby pub can be automatically recommended after dinner, and a traveler's insurance can be recommended after arriving at the airport using the airport bus. FaceTorries is already working with Samsung Fire & Marine Insurance.
In some cases, the company has introduced a "reward system" to the insurance brokerage business. Small Ticket, which runs the Pat Insurance brokerage business, offers its customers various missions such as walking through the app and vaccinations. Customers who complete the mission can receive points-type rewards, which are used for animal hospital treatment or nutritional supplements. In the process, customers can benefit from rewards and insurers can reduce the risk of damage. Small Ticket is planning to strengthen its analysis of customers' lifestyles through its own chatbot Cindy.
In addition, ZIK PAY, a bill replacement service to reduce the burden of unpaid bills for small business owners, and Tanker Fund, an automatic investment service based on machine learning, also introduced services to officials.
The "field advisory service" run by the FSS also joined the venue. Although the FinTech business itself was complicated, it could not solve all the difficulties in the field, but it conducted simple consultations and kindly guided in-depth consulting procedures.
An official from the Financial Supervisory Service's FinTech Field Advisory Group said, "Business people feel the most difficult with regard to regulation because of their weak expertise in finance," adding, "If they bring their own business models, they will guide them in detail what regulations they are subject to and what areas they need to improve."
"There have been some cases where we have completed preparations for the service and have been unable to release it due to regulations," a FinTech operator said. "We are glad that the financial authorities are trying to ease and improve regulations as much as possible recently." "However, I hope that a change in perception will take place, not individual deregulation," he added.
Source: Sisa Journal - The Future of Online Journalism (http://www.sisajournal-e.com/news/articleView.html?idxno=208271)