Tagged: south korea

South Korean Lending Platform, PeopleFund, Finalizes Series C Round led by Bain Capital

PeopleFund (CEO Joey Kim), South Korea’s online lending platform focused on consumer loans, announced recently the completion of a KRW75.9 billion (appr. $6.45 million) Series C round of funding raising from international financial institutions – which includes Bain Capital, Lending Ark Asia Secured Private Debt… Read More

Shinhan Bank, Hedera Look to Blockchain to Improve $702B International Remittance Process

South Korea’s Shinhan Bank today announced it has completed the development of a proof-of-concept, with a global megabank outside of Korea, to improve the remittance process through the use of stablecoins. It is built on the Hedera network, leveraging stablecoins and focused on international remittances…. Read More

Kava Labs, a Developer of DeFi Services, Chooses Cosmostation as First Recipient of Part of $185M Ignition Fund

Cosmostation has been chosen by Kava Labs as the very first ecosystem partner to receive a certain portion of the $185 million Kava Ignition Fund. As mentioned in an update from Kava Labs, an open-source developer of financial services for decentralized finance (DeFi), the funds… Read More

Welcome Bank Taps FinScore to Improve Fraud Detection Techniques

FinScore, the Philippines-based alternative credit scoring provider, has partnered with Welcome Bank (Rural Bank), a Philippine subsidiary of Korea’s Welcome Financial Group, to improve the latter’s fraud prevention methods. Welcome Financial Group currently operates the fourth-largest savings bank in assets and 12 other subsidiaries in… Read More

Virtual Banking Fintech BigPay Acquires $100M from South Korean Conglomerate SK Group

Digital banking challenger BigPay, which is one of the fastest-growing Fintechs in the ASEAN region, recently revealed that it has acquired $100 million in funding from South Korea’s conglomerate SK Group. As noted by its management: “BigPay [is] on a mission to challenge traditional banking… Read More

Kristo Käärmann, Co-founder and CEO of Global Fintech Wise, Reveals Company Continues to Lower Cross-Border Transfer Fees

Kristo Käärmann, Co-founder and CEO of Wise (previously dba TransferWise), which aims to make money work without borders, notes that they’re building the world’s most international account. 1/ @Wise Q2 Mission Update is here. Our team is 2,600 people now. How much progress did we… Read More

Fintech Unit of Kakao, a Major South Korean Tech Firm, Submits IPO Paperwork, Seeking $1.4B

Kakao Pay, a Fintech division of Kakao, which is the South Korean company that operates the KakaoTalk messenger app, reveals that it has submitted its initial public offering (IPO) filing. The company intends to secure as much 1.632 trillion Korean won (app. $1.4 billion) in… Read More

Swiss Innovation Agency Innosuisse to Help Startups with Expanding Businesses to Japan, South Korea

Startups currently being supported by the Swiss Innovation agency Innosuisse will soon have the option to visit Japan or South Korea in order to expand their businesses globally. These initiatives will be supported and facilitated by setting up two new camps this year to address… Read More

South Korean B2B Fintech Webcash Group Receives $20.9M Investment from KT, a Major Telecom Firm

KT, one of South Korea’s largest telecom companies, reveals that it will be investing KRW 23.6 billion (appr. $20.9 million) into the operations of Webcash Group. The investment will be part of a plan to form an alliance relationship for the B2B sector. Webcash Group… Read More

Fintech Accelerator F10 and Seoul Fintech Lab to Expand their Startup Incubation Program to South Korea

F10, a leading Fintech startup incubator and accelerator program, has teamed up with Seoul Fintech Lab which is supported by the Seoul Metropolitan Government and K accelerator, a Fintech support center headquartered in Seoul. Through the partnership, both organizations will aim to expand their incubation… Read More

South Korean Crypto Exchange Streami Gets Strategic Investment from digital Currency Group

Streami has received a strategic investment from the Digital Currency Group (DCG), according to a release. Streami is based in South Korea and operates GOPAX, a crypto exchange. DCG is said to be the second-largest investor in Streami and previously participated in the Series A… Read More

Uppsala Security Conducts First Virtual Assets AML Training Program for South Korean Government Agency Compliance Officers

Uppsala Security has reportedly conducted the very first “Virtual Assets AML Training Program” for partners and government agency compliance officers. Uppsala Security, the provider of tools for Crypto Risk Management and Cybersecurity, revealed on May 4, 2021, that it has begun its Virtual Assets AML… Read More

Uppsala Security and South Korean Digital Asset Exchange Bithumb Reportedly Helped Victim Recover 20M KRW from Alleged Fraud

Uppsala Security, a provider of tools for Crypto AML, Risk Management, Regulatory Compliance, and Cybersecurity revealed on Monday (April 26, 2021) that with assistance from Bithumb, one of South Korea’s leading digital asset exchanges, it has helped a victim to “recover approximately 20 million KRW”… Read More

South Korea to Introduce Updated Crypto Regulations due to Investors Engaging in Trading Activities with Investors, Platforms in Other Nations

Financial regulators in South Korea are reportedly discussing the launch of an updated regulatory framework for overseas remittances made by investors. These traders are allegedly trying to make huge profits by capitalizing on Bitcoin price gaps found on different cryptocurrency exchanges based in Korea and… Read More

Regtech: Compliance Firm Uppsala Security to Create Virtual Asset AML Solution for South Korean Crypto Exchange

Uppsala Security, a provider of tools for Crypto AML, Risk Management, Regulatory Compliance, and Cybersecurity, has revealed they’ve entered into a contract to create a ‘Virtual Asset AML’ solution for the Coin&Coin exchange that “complies with the amendment of the Special Money Act in South… Read More

Illicit Activities involving Bitcoin and other Cryptos May Now be Prevented with New Tech from Elliptic, CoolBitX

Earlier this year, the team at Elliptic, which works to assist with categorizing financial crime typologies while protecting legitimate crypto-asset users from illicit activities, had explained how proper and effective compliance can prevent (potential) money laundering activities using Bitcoin (BTC) or other digital currencies. Elliptic… Read More

South Korean Authorities are Reportedly Planning to Impose Heavy Fines on Businesses Violating Crypto Regulations

South Korean authorities have stated that they’re planning to impose heavy penalties or fines on individuals and businesses violating applicable guidelines for cryptocurrency transactions. The Korean financial regulator stated that it would impose a fine on virtual currency exchanges if they fail to report suspicious… Read More

P2P Bitcoin Exchanges Paxful and LocalBitcoins Report Steady Growth of Global Operations including Asian Markets

LocalBitcoins, a peer to peer BTC exchange service, notes that Bitcoin is “swooping” over the world and Asia is now at “the center” of all the action. LocalBitcoins writes in a blog post that this should come as no surprise given all the opportunities Bitcoin… Read More

Markus Jun: Founder of ICON Hyperconnect Public Representative Shares Latest Insights from South Korea Crypto and Blockchain Sector

We recently connected with Markus Jun, the founder and CEO of ICON Hyperconnect Public Representative, a leading block validator for the ICON network with $20 million in total staked value, and Hyperconnector, an official accelerator partner of the ICON Foundation & ICX Station Seoul. Markus… Read More

ICON Foundation Introduces 50,000 ICX Token or Over $1 Million Smart Contract Auditing Fund for Blockchain Platforms

The ICON Foundation has confirmed that blockchain-enabled platform ICON, one of the largest DLT initiatives in South Korea, has introduced a dedicated audit fund. The initiative has been launched in order to support the secure development for ICON’s evolving ecosystem. The ICON Foundation noted that… Read More

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