On the 29th, an IR competition was held at the "Korea Fintech Week 2022" site to attract investment by fintech companies with growth potential. The six fintech companies that made the announcement introduced the business in front of many investors who participated in the field, including major investors who participated as judges.
The event was co-hosted by the Financial Services Commission and Korea Growth Finance Investment Management (hereinafter referred to as Korea Growth Finance) to mark FinTech Week. Korea Growth Finance previously selected six teams to advance to the finals after receiving applications for the competition from July 4th to 29th and having a month-long preliminary screening in August. The six teams that advanced to the finals conducted IR directly at offline sites on the 29th, the second day of "Korea Fintech Week 2022."
The announcement was made on the same day by six companies, including ▲insurance deal ▲open ▲winkstone partners ▲fintoB ▲G Enterprise ▲ upgraded health chain. They introduced their ideas in various fields such as insurance and installment payments, supply chain finance and tax services. Officials from major investment companies such as Korea Growth Finance, Korea Investment Partners, and Kiwoom Investment participated as judges.
Issue Deal is a company that operates a pension insurance trading platform. Interest in pensions has grown more than before, but there are still many pension insurance that are terminated before the maturity is met, so it started with the aim of reviving this. It is to induce a "trading conversion" rather than "contract termination" by connecting the contractor who wants to terminate the invested insurance and the pension insurance consumer.
"The ultimate goal is to grow the pension market itself through a platform that converts the price of time into investment," said Lee Nam-soo, CEO of Insurdeal. "We want to revitalize the market through pension analysis."
'Open' operates 'Aesthetics of Consumption', a BNPL-based online commerce installment payment service. BNPL stands for 'Buy Now Pay Later', a consumption method in which goods are purchased first without cash and then paid in installments later. Unlike credit cards, it can be used regardless of credit rating and there is no installment transaction fee.
"Generation Z is a generation that wants experience and has a high proportion of "new filers," and we are focusing on the new filers market for college students so that they can use it when they want to spend to increase the value of their lives," said Park Sung-hoon, CEO of Opnal.
Shin Filer means "a person with thin documents" and refers to a person who has little information on financial transactions required for credit rating. This applies to those who have no credit card usage history in the last two years or no loan history in the last three years.
CEO Park continued, "I think we need to create a service that can come in every time, not just a functional role," adding, "Even if you don't pay right now, your growth strategy is to see what your friends around you are spending and use BNPL to induce you to purchase."
The upgraded health chain, which combined healthcare and financial services to create an indicator of "health grade," also attracted attention. Health grade is an indicator that measures the incidence rate of health accidents based on health status and differentiates insurance premiums and preferential interest rates according to grade.
Grade Health Chain has announced that it will apply a new indicator of "health rating" to the insurance market, which has been calculating the same risk insurance premiums for the same age and gender. Kim Ji-sung, director of Grade Health Chain, said, "We have currently signed partnerships with about 10 insurance companies," and explained, "We will also expand our 'right to request premium cuts', which provides discounts when our health improves, to existing insurance subscribers."
'PINTOB', which builds a supply chain finance platform, has jumped into Southeast Asia to solve the chronic shortage of funds for SMEs participating in the supply chain. SMEs participating in the supply chain of large companies often suffer from liquidity problems due to differences in delivery dates and when money comes in, even if their sales are large. It is explained that PINTOB solves this liquidity problem with collateral for sales bonds. The financial company checks the sales bonds that are expected to receive money from large companies and pays them.
"Small and medium-sized companies need a lot of help in financing," said Park Sang-soon, CEO of FinTOB. "Supply chain financing is an attractive alternative to SME funding because it is based on the public confidence of large companies that do business."
In addition, "Winkstone Partners," which provides alternative credit rating services, and "G Enterprise," which tries to introduce comprehensive tax services, held presentations and Q&A.
FinTech companies that participated in the competition will also hold individual consultations with domestic and foreign investors on the afternoon of the 30th.
Meanwhile, 'Korea Fintech Week 2022', which was held as an offline event for the first time in three years, will be held at Lotte Hotel in Seoul until the afternoon of the 30th.
