FinTech industry trends
Based on strong technology and mobile adoption, the fintech market has grown significantly. As South Korea is one of the biggest e-commerce markets in the world, the transaction amount using digital payments has increased every year. The average daily payment for digital payments in 2018 was 1.14 trillion won, an increase of 14.6 times over two years ago. The leading digital payment providers were Naver Pay, 11Pay, KakaoPay, and Samsung Pay. In addition, alternative financing, including crowdfunding and peer-to-peer lending, has attracted young generations of investors.
Fintech representative companies
Korea's leading FinTech companies include Naver, Kakao, and Toss. Naver is one of the leading search portals in South Korea and it expanded its area to the financial field based on its e-commerce platform. Kakao also used its own technology and customer base established through KakaoTalk. Naver Pay was the first FinTech service in Korea with more than 30 million users, closely followed by Kakao Pay. Toss, operated by Viva Republica, started with a digital remittance service, and currently offers a variety of financial products. Viva Republica is the first South Korean fintech unicorn company whose market value exceeded over one trillion won.