Seven South Korean Fintech Startup in Search for B2B Opportunities in Indonesia

Korea Internet & Security Agency (KISA), the authority responsible for maintaining and protecting Internet space under South Korea's Ministry of Science and IT, opened a B2B business opportunity in Indonesia for seven startups fintech from Gingseng country through business meeting with 15 fintech companies from Indonesia .

All startups offer technology they each develop, starting from financial security, blockchain, remittances, biometrics, and payment systems.

The business meeting is KISA's first step in promoting fintech startup from South Korea to the international market. After Indonesia, KISA will bring all participants to Vietnam to do the same.

KISA Senior Researcher Jeong Jongil tells the reason behind the election of Indonesia and Vietnam, because these two countries have similarity in fintech application which considered qualified that makes a good partnership is expected to be happened.

Furthermore, the market in South Korea can be considered quite competitive. The fintech company  has reached more than 200 companies. Therefore, the company must find a more potential market abroad.

"By the end of this year there will be more than 300 startup fintech in South Korea, the market is getting more competitive, we have to find new markets abroad, all of our participants curated based on the solutions they offer," Jeong said on Monday (13/11 ).

Here are the names of the seven South Korean startups:

1. MOIN

Is a fintech startup engaged in the field of remittance by using blockchain technology. MOIN uses cryptocurrency versus SWIFT system. The company guarantees sending money four times faster and 80% -90% cheaper than using bank services.

2. WION

Is a fintech startup engaged in payment services. WION has a variety of products that make payment ecosystem more seamless. Among them are WiGLE products which are infra devices that can read user devices and provide various payment methods such as beacons, security apps and so on.

Other presented products are WiCard (wireless credit card), WiTable (booking and payment service at restaurant), WiKiosk (mobile payment via digital kiosk), WiPos (mPOS device), WiWare (mobile wireless payment without smartphone), and more.

In Indonesia alone, WION is doing business cooperation with XL Axiata, Finnet, Doku, Alfamart, and Hyosung ATM.

3. WinningI

Is a fintech startup that uses biometric technology from the palms and fingerprints as a sensor for authentication, simply via a smartphone camera. Target users of these services are financial services companies such as banking, securities, insurance, and mobile biometrics.

The technology presented by WinningI has been used by several companies from Korea such as JB Bank, Kwangju Bank, and SK Telecom.

4. Soft.kr

Is a fintech startup engaged in Enterprise Risk Management (ERM) services, providing information to analyze various financial risks to prevent fraud. For example, transaction pattern analysis, pattern simulation, risk assessment, real-time monitoring and detection, and so on.

5. Coinone

Is a fintech startup that offers a variety of services based on blockchain technology. Two types of services presented are, cryptocurrency exchanges and cross-border remittance. In cryptocurrency exchanges, Coinone provides six currencies, including BTC, BCH, ETH, XRP, and QTUM.

Meanwhile, crossborder remittance offers remittance services using cryptocurrency. Users can transfer money with cheaper fee from banks and supported by five major banks in Asia.

6. To Be Smart

Is a software development company which uses Universal subscriber Identity Module (USIM) card. There are three products presented such as, authenticated transaction platforms with visual crypto technology, electrocardiogram-based biometric authentication solutions, and USM pay.

For biometric authentication solutions, To Be Smart develops two types of electrocardiogram cards. One card is used for the server, the other is distributed to the individual. This method is considered more secure than the use of OTP.

7. Heenam

Is a fintech scraping provider company under the name of E-Spider products. This product provides ECMA scripting language for automatically sending consumer information from multiple networks, even on different operating systems or devices.

This information is used for companies in relation to the provision of credit facilities, the issuance of ATM cards without face-to-face, personal financial management, and others. Some Heenam users in South Korea, such as Woori Bank, Hyundai Card, and Busan Bank.

- Article is originally written in Indonesian, translated by Kristin Siagian