Population
51.7M
Online population
50.3M
Currency
KRW
Population - 51.7M
At the start of 2024, 81.5% of the Republic of Korea’s population lived in urban centres, while 18.5% lived in rural areas.
Internet penetration - 97.2%
There were 50.3M internet users in South Korea at the start of 2024.
Digital transformation in the financial services sector has emerged as a central priority in South Korea, where the Korean government has designated FinTech as one of its 24 key areas to support innovation to spur growth, while doubling down on financial support under the FinTech Innovation Fund and various funding schemes. It is estimated that there are currently more than 800 FinTech start‑ups in South Korea.
Along the industry’s broad spectrum, insurance, payments, asset management, platforms and cross‑border money transfers are some of the key foci of Korean FinTech start‑ups, thanks mainly to domestic demand, as Koreans are getting more used to everyday FinTech services. The country’s FinTech adoption rate is said to be on par with Hong Kong and Singapore at 67%.
<aside> 💡 Seoul FinTech Lab Located in Seoul’s financial district of Yeouido, Seoul Fintech Lab is a FinTech start‑up supporting institution completely funded by the Seoul Metropolitan Government. It is one of the nation’s largest FinTech incubators and accelerators, offering services to around 200 FinTech companies, including alumni and 82 start‑ups under support as of 2022.
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The Korea FinTech Support Center, led by Chairman Byun Young-han, announced the final selection of 12 beneficiary companies for the '2024 Digital Financial Technology Internalization Project'.
This project offers digital financial technology funds and FinTech-specific training programs. The aim is to accelerate the growth of early-stage companies with promising products in the FinTech field, within three years of their startup.
FinTech Cube is a project that offers housing space and specialized training programs for prospective FinTech entrepreneurs with innovative ideas, as well as promising FinTech startups with less than 7 years of experience.
There are around 148 banks that are licensed in South Korea, 52 commercial banks serve local customers in South Korea.