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Fintech Among 8 Key Industries To Be Developed In Korea’s Platform Economy

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South Korean government is planning to invest in platform economy that would see a rapid growth in 8 key industries including Fintech, the finance minister said Thursday in a speech, according to a report on Korea Times. With a huge number of fintech enthusiasts and investors in related industries and services, Korea seems to have realized the importance of developing the domain.

“The platform economy is an ecosystem and infrastructure for future industries. We should become a platform powerhouse to lead the economy in the digital era. The world’s top five companies in market cap last year – Apple, Google, Microsoft, Amazon and Facebook – were all platform companies. You lag behind if you don’t lead in this game,” the minister said as reported by the Korea Times website.

In March the Financial Services Commission (FSC) said that fintech is able to solve the youth job problem and therefore the sector should be encouraged to embrace new technologies such as blockchain.

The government plans to invest approximately 4.5 billion dollars in the next year which is a sharp increase from last year’s investment. Hyper connectivity, smart factories, smart farms, fintech, new energy, smart cities, drones and future cars are the targeted industries under the platform economy development.

During his speech the minister also noticed that the current US China trade war can affect the economy but the government is doing everything possible to minimize the effect.

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