South Korea partners with Silicon Valley to foster fintech

The Fintech Center of South Korea has announced its partnership with Silicon Valley on fintech and has signed memorandums of understanding with two high-profile organizations – 500 Startups and Silicon Valley Forum – during South Korean Fintech Demo Day event in the U.S.

According to the reports by Korean Herald, the MOU’s calls for the strengthening of cooperation in the fintech sector and the expansion of related information sharing. 500 Startups is a leading global venture capital seed fund and startup accelerator, and Silicon Valley Forum is a non-profit body that aims to foster innovation and entrepreneurship in Silicon Valley.

The move indicates South Korea’s fifth accord with foreign countries on fintech ties after MOUs with Britain, Australia, France and Singapore.

The Fintech Demo Day event in Silicon Valley indicated Korea’s efforts for its fintech developers in order to tap it into global fintech markets. The event saw more than 20 South Korean fintech firms and more than 300 potential investors.