Korean financial services: the unchained potential of blockchain

Author: | Published: 8 Aug 2019

Korea’s financial services are becoming increasingly inventive with blockchain. Samuel Yim, Joon Young Kim and Seung Jae Yoo of Kim & Chang look at what is next for the industry

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Blockchain technology has immense potential to drive simplicity and efficiency through the establishment of new financial services infrastructure and processes in Korea. As such, blockchain will be one of many new core technologies that form the foundation for the future of the Korean financial industry. New financial services infrastructure will be built on blockchain, which will redraw processes and redefine the fundamentals of today's business models. For the next-generation financial services, blockchain will be applied in different ways to achieve bespoke benefits to every financial sector and ultimately challenge the existing system in Korea.

At the same time, Korean laws are trying to catch up with this new technology and how blockchain will be accommodated by...