Public policy for the digital finances in South Korea, and its transfer to southeast Asia
Main Article Content
Keywords
Innovation, digital finance, digital cooperation programs, digital infrastructure, public policy, South Korea
Abstract
The development of public policies for Fintech Startups in South Korea regulated and mandated public access and permission for full operation. Partnerships in the domestic market of different and varied users of digital finance in 2023 responded to the reality of the digital economy. Increased demands for incubation, acceleration and enhancement of financial inclusion induced towards digital infrastructure transfer and positive support for digital financial market shaping in the Southeast Asia region. National policies were expanded to the region through the Shinhan Future's Lab model of support and cooperation. Its contribution was to secure opportunities to sign agreements for the benefit of young entrepreneurs and to solve collateral problems in the region. Using sequential argumentative methodology, the hypothesis of the paper is tested which states: the government policy for innovation and installation of Fintech Startups in South Korea developed South Korean digital finance and supported the transfer of national digital infrastructure to Southeast Asia during 2019- 2022.
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References
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ICEX. (2021). El Mercado Fintech en Corea del Sur. Estudio de Mercado EM. NIPO 114-21-009-0
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MAS. (2023). Overview of Regulatory Sandbox. Disponible en https://www.mas.gov.sg/development/fintech/regulatory-sandbox [Consulta, 06/10/2023]
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OECD (2021, 25-10). A global powerhouse in science and technology. Disponible en https://www.oecd.org/country/korea/thematic-focus/a-global-powerhouse-in-science-and-technology-61cbd1ad/
OECD.org (2023). Going Digital Project. Disponible en https://www.oecd.org/digital/going-digital-project/
OECD (2023b). Gross domestic spending on R&D (indicator). Disponible en: https://data.oecd.org/rd/gross-domestic-spending-on-r-d.htm Doi: 10.1787/d8b068b4-en [Consulta, 12/09/2023]
Sandbox Korea (2023). Financial regulatory sandbox, quick on regulations, sandbox cae. Disponible en: https://sandbox.fintech.or.kr/financial/financial_application.do?lang=en
Seoul Startups (2023). Building a network for global growth. Disponible en https://www.kedglobal.com/seoul_startup_hub/brandedContent/brd0005 [Consulta, 14/09/2023]
Shinhan Bank (S/F). Shinhan Future´s lab open innovation acceleration program batch 3 officially starts off. Press Release. Disponible en chrome-extension://efaidnbmnnnibpcajpcglclefindmkaj/https://shinhan.com.vn/public/uploads/Press%20Release/Future%20Lab/Press%20release_Shinhan%20Futures%20Lab%20Open%20Innovation%20Acceleration%20Batch%203%20officially%20starts%20off_30102019_Eng_FINAL.pdf [Consulta, 13/09/2023]
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Yonhap News Agency (2023). Yoon promete apoyar a que Corea del Sur se convierta en un centro mundial de empresas emergentes. Disponible en https://sp.yna.co.kr/view/ASP20230830002000883 [Consulta, 16/09/2023]
Zerpa de Hurtado, S.M. (2023). Evidencia de la organización digital financiera emergente en la integración financiera digital de ASEAN y AP. En Hurtado Briceño, A.J & Vieira-Posada, E.J. (2023). (Eds.). Política sanitaria, ambiental y tecnológica para la integración latinoamericana. INV3155 - Centro de Pensamiento Global- Universidad Cooperativa de Colombia.