[Reporter Ko Young-hoon of Korea Financial Times] "Fintech is about breaking down existing things and presenting new solutions through bold challenges," FIN2B CEO Park Sang-soon defined fintech as innovation in financial business models. CEO Park Sang-soon said that while finance has a strong character of being a license-based sanctuary, fintech challenges existing models and establishes new solutions, adding that he wants to change the existing practices once. He expressed his ambition to provide financing services to small and medium-sized Korean companies through FIN2B, a company he leads, by improving financial businesses beyond the limits of existing institutional finance. He also stressed that it is important to combine both finance and technology well in order for fintech to succeed.

To this end, CEO Park Sang-soon emphasized the need to innovate business models (BMI). He then proposed the theme of FinTech to create a market. It creates a place where SMEs and finance can work together to create synergy in FinTech, and between buyers and sellers, and between investors and SMEs. To this end, buyer and investment fund must be demonstrated, and business potential is realized by adjusting competitiveness in competitive bidding through Dynamic Discount, a dynamic discount rate determining model. He did not even give affectionate advice on the fintech ecosystem as a whole. He said Data & Analytics can be seen as the basis of all businesses, but it is not easy to make profits and financial management areas should be considered as well. He added that investment, loans and crowdfunding are areas where interest income can be generated, so it is a growing market, and while security and blockchain and cryptocurrency (virtual currency with increased security) are universal, it is not easy to create a profit model. He also added that the payment and settlement areas will be taken by large companies.

Currently, traditional financial banks have difficulty in cost competition, so it is difficult to withstand price competition. It is predicted that restructuring will take place and that 30-40% of the workforce will be included in the restructuring workforce within the next 10 years, and marginal businesses will be removed from the market. In the case of traditional financial businesses, the possibility of growth is low due to carnivalization (self-market erosion) or organizational culture issues, so the collaboration between the two can enhance competitiveness. Consulting companies can quickly access global trends and see in real time how the world is going, he said, adding, "We can read trends of which business groups are in the spotlight these days, and we can also expect learning effects on new market areas through consulting experiences with existing financial groups."