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News

11.01.2017

Биткоин новости иконка Report: South Korea to Launch ‘Full-Scale’ Blockchain Financial Services Pilot in 2017

Report: South Korea to Launch ‘Full-Scale’ Blockchain Financial Services Pilot in 2017

In an announcement today, South Korea’s Financial Services Commission (FSC) – the country’s primary financial regulatory and authority – has revealed its plan to launch a blockchain-powered pilot project for financial services this year.

While details are scarce, a report by local publication Korea Herald points to implementing blockchain technology as the core infrastructure for a sweeping financial services platform.

The announcement comes just over a month after the formation of South Korea’s first blockchain consortium. A group of 21 financial investment companies and five blockchain technology firms signed a memorandum-of-understanding to develop distributed ledger solutions as a think tank for the Korean capital market.

The government-civilian consortium has been spearheaded by authorities like the FSC and the Korea Financial Investment Association.

The working group is a part of a wider, marked effort by the South Korean government to promote the country’s Fintech sector. Pledging three trillion won ($2.65 billion) in financial support for industry startups and companies, the government is ramping up its technology-forward initiative to establish the country as a Fintech hub in Asia. The eastern Asian nation is competing against the likes of Singapore and China in the region, two countries that make for the leading pack for blockchain development and adoption.

Blockchain technology has great potential to be used in finance and various other fields. Since South Korea has the world’s top-level ICT (Information and Communications Tech) , it will be able to lead the international trend in the blockchain sector if the government, related industries and experts pool their wisdom.