Check out the 7 promising fintech startups from the FinTech Center of Korea

Yon Heong Tung

The 7 startups showcased their solutions at the center’s 20th Demo Day

Bolstered by a strong tech infrastructure and generous government support, South Korea’s fintech sector is on a sharp growth trajectory. In 2016, the government put US$230 million into fintech startups, and this year, the country’s financial regulator is planning to trial a blockchain fintech project.

Yesterday, the FinTech Center of Korea signed an MOU with the Switzerland Greater Zurich Area AG to work together in developing each country’s fintech ecosystem. The FinTech Center had previously established connections to other international markets, including UK, Australia, France, Singapore, the US and China.

The signing took place at the FinTech Center’s 20th Demo Day, which also showcased 7 fintech startups from the center. Check them out below.

MINDs Lab

MINDs Lab has built an AI software that can help ease the workload of service representatives at call centres by automating some of the more repetitive tasks.

Its MIND VOC software is capable of voice recognition and text analysis so it can sift through and manage large volumes of customer calls and determine the context of the call. Managers can also better manage consultants and improve customer processes based on data from this software

Apart from that, the MINDs RS (Realtime Scripting) analyses the customer’s intention when their call is in progress, reducing waiting times.

PayPerse

PayPerse has developed a mobile payment service using a dynamic QR code system.

The company claimed that its QR code defers from that offered by bigger tech firms such as Alipay, and WeChat Pay.

The latter only stores bank accounts on their QR codes for monetary transaction purposes, while PayPerse’s version allows businesses to transmit orders, discounts, membership services and product recommendations to customers.

AIZEN Global

AIZEN Global is a tech firm that develops deep learning and machine learning algorithms to help financial firms improve the automation of their operations and cost structures.

To provide an example, AIZEN’s ABACUS software has collectively helped companies to identify and reduce risky customer profiles by 27.6 per cent, and increase profits by 20 per cent.

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Its technology has been endorsed by the South Korean government, Samsung Electronics, Korea Citi Bank and KT.

Infosonic

Infosonic has developed a sound transmission-based transaction platform aptly named Sonic Wallet.

A retailer with the wallet transmits a bill to the customer through their device’s speakers, the customer’s phone picks up the transmission via its mic and verifies the bill, and the transaction is concluded.

Infosonic said it takes only 0.2 seconds to verify the bill and has a “99.999994 per cent of error detection rate”

ZipAdvisor

ZipAdvisor is a real estate robo advisor that provides real estate information based on the data of 8.5 million apartments in Korea. The software is developed by Triplenet Soft and Zip Fund.

Users input an address and investment analysis and the ZipAdvisor will parse pertinent information, such as when and how to buy or sell a house, and whether to lease or buy; it also provides an asset management service.

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In addition, the service also allows customers to compare apartments using its “smart checking” service.

The Coder

The Coder is an IoT startup that allows companies to add digital codes on their products so they can store information — and make them ‘smart’.

These codes come in the form of image and sound coding. The Coder said this method is cheaper than fitting new chips in or onto a product.

GCOD Innovation

GCOD has developed a password verification system for phones that uses icons instead of numbers, letters or other characters.

Their proprietary software, called PASSCON, uses a “multi-factor based digital signature verification” based on specific pictures and a secret icon selected by a user on the software’s icon dashboard.

GCON said it is developing an app to help users convert and combine their existing passwords into one central PASSCON id (similar to LastPass).

Image Credit: FinTech Center of Korea

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