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| From left, Financial Services Commission Vice Chairman Kim So-young, BC Card CEO Choi Won-seok, chairperson of the Interbank Processing Center Kanykei Jamangulova, and presidential aide for economic affairs Almaz Isanov, pose during a business agreement signing ceremony at the presidential office in Kyrgyzstan on May 19. Courtesy of Financial Services Commission |
FSC vice chief wraps up visit to Uzbekistan, Kyrgyzstan
By Anna J. Park
The vice chief of Korea's top financial regulator wrapped up a four-day visit to two countries in Central Asia, facilitating overseas business expansions by Korean financial firms and joint investments in the region.
According to the Financial Services Commission (FSC) on Sunday, Kim So-young, vice chairman of the financial authority, visited Uzbekistan and Kyrgyzstan during the past week, supporting local financial firms' business deals and partnership initiatives with the countries.
In Kyrgyzstan, BC Card, Smartro ― Korea-headquartered electronic payment settlement company ― and the Interbank Processing Center (IPC), a state-run subsidiary of the Kyrgyzstani central bank, signed a business agreement at the presidential office of the central Asian country on Friday, aiming for joint investment to establish an electronic payment infrastructure.
Along with the FSC vice chief's attendance at the ceremony, Kyrgyzstan's presidential aide for economic affairs as well as the vice chief of the central bank also joined the ceremony to support the joint business venture.
Through the agreement, the Korean financial firms will support the sophistication of the Central Asian country's payment systems, while planning to export local electronic payment systems and various verification technologies related to such financial payment infrastructure to the country.
As it is the first cooperative agreement in the field of electronic payment infrastructure between the Korean financial industry and the counterparts from the Central Asia, it is expected to induce many more of such digital-based financial partnerships with other countries in the region to follow suit in the future.
"We hope to see an expansion of mutual exchanges between financial authorities as well as deepened partnership in the area of financial infrastructure of the two countries," FSC Vice Chairman Kim said during the signing ceremony.
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| Financial Services Commission (FSC) Vice Chairman Kim So-young speaks to local media in Kyrgyzstan on May 19. Courtesy of Financial Services Commission |
Kim also attended an opening ceremony of a Korean financial firm in Bishkek, the capital city of Kyrgyzstan, during his visit to the country last week. BNK Finance, a Kyrgyzstani subsidiary of BNK Capital, held the launching ceremony. BNK Finance is the first Korean financial firm to make inroads into the country.
As the first leg of a four-day trip to Central Asia, the vice chief of the FSC visited Uzbekistan for two days early last week. During the stay, Kim attended a signing ceremony between the Fintech Center Korea and Fintech Association of Uzbekistan and a joint seminar hosted by both countries' banking associations ― the Korea Federation of Banks and the Uzbekistan Banking Association.
Given that the fintech scene in Uzbekistan is just starting to grow, Korea's fintech businesses are expected to share their business acumen and latest technologies, ranging from blockchain-based payments to certification solution technologies.
