FinTech - South Korea | Statista Market Forecast

The market's largest segment will be Digital Investment with a total transaction value of US$2.21bn in 2023.
The average transaction value per user in the Digital Investment segment is projected to amount to US$470.60 in 2023.
The Digital Assets segment is expected to show a revenue growth of 16.6% in 2024.
In the Digital Payments segment, the number of users is expected to amount to 45.54m users by 2027.
Total Transaction Value in the Digital Investment segment is projected to US$2.21bn in 2023.
Due to the major differences in the KPIs of FinTech products, e.g. different nature of loan origination volume in Alternative Lending in comparison to Assets under Management in Robo-Advisors, no total transaction value for all segments can be calculated.

FinTech is short for ‘Financial Technology’, the central concept of structural change and digitization within the financial services industry. Under the collective name FinTech (which still lacks a clear definition even within the industry), financial services are understood within the framework of the Digital Market Outlook; digital infrastructures allowing the establishment of new types of agreements and procedures in the classic areas of banking such as lending, investment strategies and payments.

The characteristics of the digitization process of financial services include: simplified access for end users via the Internet or mobile Apps, an increase in the processing speed of automated processes, reduction in costs, a stronger focus on customer service, more convenience, higher transparency and the exploitation of network effects.

The FinTech market is characterized by a rapidly growing number of startups and businesses without bank licenses (non-banks). For an overview of the total potential of the FinTech market, a split between classic banks and non-banks is not sensible, because consolidation processes, co-operations and white label solutions mean that there will be no clear differentiation in the future. Therefore, a functions-oriented segmentation is preferred, based on an access- or business model-based split of the market. FinTech start-ups tend to focus on selected parts of the financial value chain and try to unbundle traditional bank business models.

All monetary information in the FinTech section of the Digital Market Outlook refers to the potential transaction volumes of the respective segments and not corporate revenue.

The following are not included in the current market definition: agency commissions via metasearch engines, for example, in the credit and insurance sector, business-to-business payments, API management, agencies and external credit scoring and complementary services such as online identification or account management.