FinTech Center(Chairman: Jung Yu-shin) held the 17th FinTech Demo Day on May 31 at the Korea Exchange International Conference Hall.
On the day's event introduced and presented online asset management services using robo-advisor technology through FinTech companies' IR.
The participants are around 100 people from FinTech companies, financial firms, related agencies, contest winners and investors and along with secretary general Yongbum Kim, many relevant people from the Korea Exchange, Life Insurance · Damage Insurance Association, KOSCOM, Korea Financial Telecommunications & Clearings Institute and showed much interests and encouragement.
FinTech Idea Contest Award Ceremony
The FinTech Center held the Idea Contest* for college students and preliminary founders on FinTech technologies and founding items (February ~ May) In the college student section, total of 35 teams, and in the preliminary founders section, total of 15 team participated.
ㅇ Through paper and presentation evaluation, 8 college student teams (Grand prize 1, Gold prize 2, and Encouragement award 5), 6 preliminary founders teams (Grand prize 1, Gold prize 2, and Encouragement award 3) have been selected as final winners.(☞ Remark 2)
□ (College Student) For Grand Prize Winner, on·offline payment function total service idea to manage membership fees for various groups was selected [Team Name: Owl (Seoul National University of Science and Technology)]
ㅇ Plan to award scholarships of 1 million won for the grand prize winner, 500 thousand won for the gold prize winners, and 500 thousand won for the encouragement award winners and provide mentoring service of the FinTech Center and opportunities to visit overseas FinTech event (Grand Prize and Gold Prize winners)
□ (Preliminary Founder) For the Grand Prize winner, the mobile app service for automatic transfer·payment of public service payment or regular rental service fees idea was selected. [Team Name: Turn-on]
ㅇ Presented 5 million won for the Grand Prize winner, 3 million won for the Gold Prize winners and 1 million won for the encouragement award winners, and provided mentoring service of the FinTech Center
Technology Presentation of Robo-advisor Company
Introduced and presented the services of 5 FinTech companies, who are preparing commercialization of the services by passing the Robo-advisor* test-bed**(☞Remark 3)
A combined word of robot and investment advisor (advisor). It is an online asset management service providing optimum portfolio through computer programming based on the algorithm·big data analysis
Total of 42 algorithms participated. Through preliminary test→main test→final evaluation, 28 algorithms passed
ㅇ ▲ I-Robo (1:1 custom asset management RA), ▲ Wise FN Partners (Global asset distribution RA), ▲ Big Tree (Personalized investment consulting RA), ▲ Intelliquent (Intelligent investment management RA), ▲ December N Company (Artificial intelligence·machine learning based RA) have participated
ㅇ After the technology presentation, through Q & A with financial company personnel and investors, they sought out for business association and chance for inducing investments
□ Meanwhile, Secretary General Yongbum Kim, on his congratulator address,
ㅇ mentioned that while the global market size of the robo-advisor was predicted to grow largely*, he would expect the robo-advisors would play a big role in the local asset management market
The Global RA operation size would be around 1.1 trillion dollars in 2021, and it is predicted to be grow a yearly average of 53% for the next 5 yearsAsian size: (’17) 14% → (’19) 33% → (’21) 46% (Source: Capital Market Research Center)
ㅇ also, he emphasized that to continually develop the FinTech industry, new and innovative ideas could easily be appeared on the market.
Future Plan
Plans to excavate start-ups with promising business ideas and continually provide them with chances of promotion and investment inducement through FinTech Demo Days in and out of the country
