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Fintech

Financial technology (“Fintech”) refers to an emerging financial services sector that aims to combine information technology (“IT”) to deliver innovative financial services. Fintech is evolving into various forms of services and systems, including mobile payment/transfer, blockchain technology, digital currency, personal asset management, crowdfunding, and involves diverse market players such as traditional financial institutions, IT platform operators and third-party payment processors.

In order to keep up with the development of the Fintech industry, it is essential to have a comprehensive and sophisticated understanding of the IT industry and related technologies, the relevant financial laws and regulations, in addition to being prepared to appropriately respond to regulatory authorities such as the Ministry of Science and ICT, the Korea Communications Commission, the Financial Services Commission (“FSC”) and the Financial Supervisory Service (“FSS”) in the event of an actual problem.

BKL has formed the Fintech team, composed of experts possessing an in-depth understanding and superior expertise on every aspect of the IT industry and extensive experience in providing legal advice for a wide variety of issues in the areas of Korea’s financial regulatory framework.

BKL’s Fintech team offers optimal solutions based on the analysis of legal aspects of the latest IT issues of domestic and foreign companies which provide services relating to Internet portal, third-party payment, e-commerce, simple notification services, mobile game, digital currency exchange and/or payment, card, and transfer services utilizing digital currency. They are active in the policy formulation of regulatory authorities such as the FSC and the FSS, based on its expertise in various Korean financial laws, and is able to reach key decision makers within the authorities for a prompt and effective resolution of our clients’ regulation issues.

Grounded in a wide range of experience in these areas, BKL is positioned to offer a full range of legal services across all aspects of the Fintech industry, ranging from legal analysis and acquisition of licenses to policy advocacy and legislative consulting, so that we can ensure our clients in the Fintech industry the seamless operations of their businesses.
Major Cases

    • Advised L** in acquiring an equity interest in an Internet-only bank (2017 to present)

    • Reviewed, for U** in China, the scope of small amount remittance overseas and other services by a FinTech-based company (2017 to present)

    • Advised H** on the conduct of WeChat Pay business in Japan (2016 to present)

    • Advised Kakao on the approval of Internet-only bank (2017)
    • Advised KB Group on the open API-based service (2017)
    • Advised Woori Card on Woori Pay service (2017)

    • Advised Viva Republica, a FinTech start-up, on the design of FinTech-based business structure (2017)

    • Advised Shinsegae on the approval of a changed largest investor in Dream Commerce (2016)

    • Reviewed the licensing of the settlement service by the Korean branch of UnionPay International using QR code (2015)

    • Reviewed the agreement on simple means of settlement between Woori Bank and Alibaba (2015)

    • Reviewed Korea Financial Telecommunications & Clearings Institute’s obligations under the Electronic Financial Transactions Act (2015)

    • Reviewed BC Card’s potential royalty point program business (2014)

    • Reviewed the business alliance agreement for simple settlement between Hana Card and Kakao Pay (2014)

    • Advised Shinsegae I&C on the scope of electronic financial services as ancillary business (2014)