[Reporter Ko Young-hoon of Korea Financial Times] The Korea Financial Newspaper held the "2016 Korea Financial Future Forum" under the theme of "Asking the Korean Economy: Fintech and Corporate Restructuring in Crisis." On the day, FIN2B CEO Park Sang-soon gave a lecture on the current state of fintech in Korea and its future tasks. At the meeting, Park stressed that the essence of fintech lies in finance, not technology. Park is considered one of the leading experts in fintech who prepared Internet-only banks. After serving as the CEO of finance at the Seoul office of Boston Consulting Group (BCG), Park prepared for the establishment of an Internet-only bank (DBK Partners) and is currently the CEO of FIN2B, a fintech company that provides financial solutions to small and medium-sized enterprises.

CEO Park led the lecture by presenting topics such as △Fintech stagnation and development direction △A perspective on the fintech craze △Key trends in the global fintech industry △The current address and future tasks of the Korean fintech industry. He argued that fintech is an innovation in the business model of finance. He explained that technology is a key means of enabling innovation in the financial business model, and fintech is a technology proposal that has business potential through value proposals. Regarding the current fintech situation, he said, "The credibility of SME financial statements is low," adding, "Credit rating modeling can be largely used as evaluation factors for SMEs, credit ratings for SMEs, and data on business relationships with SMEs." He predicted that this could create a framework for raising funds. Companies in need of money come in by creating a marketplace and use short-term management funds for short-term management products of banks. Large companies suggested that short-term investments will be created rather than putting money into banks, and banks will also have a way to raise short-term funds. He said that finding business plans is FinTech, and analyzed that △security area △ data area △ payment area has increased worldwide. In addition, it said that the Bitcoin blockchain area and P2P loan area have begun to increase.

On the question of whether the fintech boom will continue, he said, "The cost for production has dramatically decreased, citing film production and distribution." He also pointed out that the business in this sector has entered an era of infinite competition and changed from film editing to file management. As it is not easy to differentiate products, more methodologies using non-face-to-face channels are expected to increase in the future. "When we look at the theater, we are reminded of the branch office of a bank," Park said. "If we drastically lower the cost of transactions and processes, we will personalize our marketing offerings and lead to customized financial business models." He also diagnosed that companies that do not meet the expectations will be eliminated. He also suggested a platform business on how to insert finance into the digital ecosystem and explained that it can provide contact points for new customers. He also said that organizations are conservative and have limitations in pursuing innovation at a time when traditional financial companies are also trying to do fintech.

Financial officials such as banks suggested that the open API would be a new business item for traditional financial institutions, citing Ali Pay as an example. In the Internet and digital domains, customers can form a significant intersection and have many business opportunities, citing aggregator platforms provided on one website as a good alternative to the fintech business. He said, "Fintech startups should not start from nothing, but should be able to pour customer-related transaction information into startups, and there are an increasing number of such ecosystem players in China." Finally, he diagnosed that the digitization of finance is still insufficient compared to advanced markets such as the U.S. and the U.K., and whether it is possible to create a profit model is still unclear. If this current governance structure is maintained, it is difficult to create a new platform ecosystem, and the urgency for market restructuring is also reduced." CEO Park said, "We need to know what policies we need to take to innovate digital destruction in the future," adding, "Policy authorities should play the role of helmsman."