Tagged: south korea

South Korea’s Seoul Fintech Lab to Work with Investors in Luxembourg to Launch Projects across Europe

The Seoul Fintech Lab, which has been established by the Seoul Metropolitan Government in South Korea, aims to transform the city into one of the leading financial centers in the world. The Fintech Lab’s organizers may be working closely with companies in Luxembourg. There’s an… Read More

South Korea’s Financial Services Commission and Reserve Bank are Reportedly Arguing Over Adoption of New Fintech Regulations

South Korea’s Financial Services Commission (FSC) has proposed several legislative updates that could potentially give it more control over payment settlements in the Fintech sector. The Bank of Korea (BOK), the nation’s central bank, has stated that these proposed guidelines would create redundant regulations. As… Read More

South Korea: Danal Fintech Joins ICON Blockchain Ecosystem

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Danal Fintech, a subsidiary of Danal , a large payment company in South Korea, has joined the ICON blockchain ecosystem. Danal accounts for half of the market share in mobile billings, equivalent to $5.5 billion USD annually. Danal Fintech focuses on blockchain-based payment solutions and launched… Read More

Rapyd Expands Asia-Pacific Footprint By Launching Payment Capabilities in South Korea

  Rapyd, a global B2B Fintech as a Service provider, announced on Tuesday it has extended its Asia-Pacific footprint by launching its “all-in-one” payment capabilities in South Korea. Rapyd teamed up with Korean payment service providers KCP, PayLetter, and others to provide access to South… Read More

CBDCs: Bank of Korea Is Reportedly Planning to Issue and Circulate a Central Bank Digital Currency in 2021

The Bank of Korea (BOK), the reserve bank of the Republic of Korea and issuer of South Korean won, is reportedly planning to issue and circulate a central bank digital currency (CBDC) by next year. As first reported by the Korean Times, the BOK will… Read More

Blockchain Firm ICONLOOP to Work with South Korea’s Pohang City, Steel Manufacturer POSCO, and Others on Supporting Decentralized ID Ecosystem

Markus Jun, founder and CEO of ICON’s Accelerator Partner and Seoul Launchpad of ICXStation, HyperConnector (online accelerator for the ICON ecosystem), recently confirmed that ICONLOOP will be working cooperatively with Pohang, POSCO and POSTECH to develop a (decentralized ID) DID ecosystem with MyID. Jun noted… Read More

South Korea’s ICONLOOP’s VisitMe, an Electronic Guestbook QR Service that Digitizes Visitor Logs, has 100,000+ Users

Markus Jun, founder and CEO of ICON’s Accelerator Partner and Seoul Launchpad of ICXStation, HyperConnector (online accelerator for the ICON ecosystem), recently confirmed that ICONLOOP‘s VisitMe has surpassed 100,000 users and more than 1,000 sites are now using the service. Jun noted that these sites… Read More

More than 400 Blockchain or DLT Developers Now Working on 13 New ICON Foundation Projects

BlockArrow Capital, an alternative asset fund focused on investing in the blockchain sector, reveals that there are 463 blockchain or distributed ledger tech (DLT) focused developers that have created 13 new ICON Foundation projects for the ICON ecosystem. The projects have been developed thanks to… Read More

South Korean WireBarley Secures $10 Million Through Series B Funding Round

WireBarley, a South Korean fintech focused on global remittance services, announced on Thursday it secured $10 million through its Series B funding round from  Magna Investment, Shinsegae I&C, and Dt & Investment. WireBarley describes itself as a money transfer startup that provides fully contactless financial… Read More

Mobile Banking App Offered by South Korea’s Shinhan Bank Now Uses Blockchain based Decentralized ID Authentication

Blockchain-based decentralized identity authentication services (DID) could potentially replace public certificates that are used for financial services, which may include those for mobile banking. This particular use case was recently commercialized for the very first time by South Korea’s Shinhan Bank. As mentioned in a… Read More

Bithumb Keeps Listing New Cryptos like Polkadot (DOT), Seems like Business As Usual, but it’s Being Investigated for Fraud by South Korean Authorities

It seems like business as usual at South Korea’s largest crypto exchange Bithumb, as it recently added trading support for Polkadot (DOT) tokens, which now have a market cap of more than $5.6 billion, making it one of the largest digital assets in terms of… Read More

Major South Korean Financial Institution, Shinhan Bank, Launches Fintech Lab, Will Also Use ICONLOOP’s Decentralized ID Solution

South Korea based Shinhan Bank, one of the nation’s largest financial institutions, has established a Fintech lab in order to work closely with other IT and financial technology firms in other countries. Shinhan Bank reportedly began remodeling its Myeongdong branch building in order to set… Read More

Major South Korean Daegu Bank and SK Telecom, the Nation’s Largest Wireless Carrier, are Working on 5G enabled Quantum Cryptography Tech

South Korea-based DGB Daegu Bank, which is part of the DGB Financial Group (DGBFG), a banking holding company based in Daegu, has partnered with SK Telecom, a South Korean wireless telecommunications operator. Through the partnership, both organizations aim to enhance Daegu Bank’s IM Bank app’s… Read More

Boom: Viva Republica, Parent of Toss, Raises $173 Million

Viva Republica has raised a whopping $173 million in new funding, according to a note from the company. Viva Republica is a top Korean Fintech and parent company mobile platform Toss. The Fintech is now valued at $2.6 billion having raised $560 million to date…. Read More

South Korea’s ICONLOOP’s Decentralized Identity or DID Blockchain Tech to be Used for COVID-19 Contact Tracing System

South Korea’s ICONLOOP, a major blockchain or distributed ledger technology (DLT)-focused firm, revealed on August 19, 2020 that Jeju Island, the nation’s most popular local tourist destination, will be using its Decentralized Identity (‘DID’) blockchain tech to offer private, secure COVID-19 contact tracing to (approximately)… Read More

South Korean City of Seongnam to Expand Blockchain based Contactless Payments Platform by Introducing Digital Gift Certificates

The South Korean city of Seongnam is reportedly planning to expand its blockchain or distributed ledger tech (DLT)-enabled payment platform by introducing digital gift certificates. The city’s DLT based payments platform will be accessible via a mobile app, called Chak. The app has been developed… Read More

South Korean Fintech Breakthrough: Apps to Access Decentralized Foreign Exchange Rates Compiled by Local Banks via Chainlink Integration

CenterPrime, a private Hyperledger based blockchain platform with access to the South Korean Open Banking API, is now sharing foreign exchange (FX) rate data from large Korean banks to Chainlink’s decentralized oracle network. Participating banks include Hana Bank, Shinhan Bank, Nonghyup Bank, and Industrial Bank… Read More

Private Blockchain Blocko Expands Partnership with Samsung

Private blockchain platform Blocko has been selected as one of Samsungs Blockchain Wallet D-App Sourcing Partners’ using the Aergo Blockchain. Blocko already has an existing relationship with Samsung in Korea. Blocko is a strategic technology partner for Aergo, having already deployed over 38 large-scale private… Read More

South Korean Digital Asset Investors Might Have to Pay Up to 20% in Taxes on Capital Gains from Crypto Trading

South Korea’s private sector members have revealed that the nation’s citizens may have to pay as much as 20% of their cryptocurrency earnings in taxes. The country’s lawmakers have said that virtual currencies are like electronic or digital certificates of economic value that may be… Read More

South Korean Blockchain Project ICONLOOP Acquires $5 Million in Additional Investments, After Receiving Capital from $100 Million K-Growth Fintech Innovation Fund

South Korea’s ICONLOOP, a company that developed its own blockchain-powered engine, loopchain, which is used for various Internet services, has reportedly acquired KRW 6 billion (appr. $5 million) in additional investments.  The company has secured a total of KRW 16 billion (appr. $13.4 million) in… Read More

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