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How South Korea is Primed for Fintech Growth

However, there may be signs that South Korea may be primed for fintech growth, particularly in sectors such as the forex market. But how will this unfold in the coming years?

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At its core, South Korea is an incredibly tech-savvy nation that remains home to electronics titans such as Samsung and LG.

While the nation’s economy may be established as a consumer electronics behemoth, Korea continues to lag behind many of its rivals when it comes to the overriding financial system. More specifically, the banking sector has been slow to embrace the apparent benefits of fintech.

A keen sense of conservatism (caused by economic crisis’ in 1997 and 2008) has also hindered technological advancement in the region.

However, there may be signs that South Korea may be primed for fintech growth, particularly in sectors such as the forex market. But how will this unfold in the coming years?

Primed for Fintech Growth

1. The Evolution of Fintech in South Korea

In many ways, it’s the sustained evolution of fintech and the convenience provided by its solutions that have helped to overcome the government’s inherent conservatism. This has also helped win over public opinion, particularly in the digital and mobile banking sectors.

This has inspired several sweeping regulatory challenges in South Korea, with the country’s Financial Services Commission (FSC) having identified specific sectors to support in this respect.

Perhaps the most significant innovation has been seen in the payments space, which has seen exponential growth and relatively quick adoption.

Of course, this has been helped by Korea’s inherently high smartphone penetration, which has helped drive mobile payment solutions (such as Venmo), which allow transactions to be processed with a single password and click.

2. The Rise of Fintech Applications and in-app Services

One particular focus in regions like Korea is a forex, where fintech has had a dramatic impact over the last two decades.

Those who regularly access their live account through a smartphone or tablet will testify to this, while there’s no doubt that Asia is becoming increasingly dominant in the forex space.

To this end, three Asian hubs are now featured in the world’s top five foreign exchange centers, with Singapore leading this charge and ranked third behind Britain and the US.

Singapore holds an impressive 7.6% share of the global forex market, while the top five also includes Hong Kong (7.6%) and Japan (4.5%).

Beyond this, Korea may also follow the example set by China and similar Southeast Asia nations by building in additional services and verticals to its core fintech apps and solutions.

For example, Korea’s most widely-used chatting app Kakao has made a conscious effort to expand its reach and verticals to cover mobility, payments, and a raft of financial services.

Ultimately, these steps should stand South Korea in good stead in the future fintech market, as the nation finally starts to build on strong foundations to become a significant player in this fast-growing space.

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Business

Navigating the Process of Selling Deceased Estate Shares

This article aims to provide a comprehensive guide to selling shares from a deceased estate. Process of Selling Deceased Estate Shares.

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Navigating the Process of Selling Deceased Estate Shares

1. Understanding the Basics of Selling Deceased Estate Shares

Dealing with a deceased estate can be a challenging and emotional process, especially when it comes to handling financial assets like shares. This article aims to provide a comprehensive guide to selling shares from a deceased estate.

2. What are Deceased Estate Shares?

Deceased estate shares refer to the stocks and shares that were owned by an individual who has passed away. These shares become part of the deceased’s estate and are subject to the terms of their will or estate plan.

3. The Importance of Valuing the Shares

The first step in selling deceased estate shares is to obtain a current valuation. This valuation is crucial for several reasons: it helps in distributing the estate among beneficiaries, it may be necessary for tax purposes, and it gives an idea of the market value of the shares.

4. Legal Requirements and Executor Responsibilities

The executor of the estate plays a pivotal role in the management and distribution of the deceased’s assets. This section will cover the legal responsibilities and steps the executor needs to take to lawfully sell the shares.

5. Obtaining Probate

Before any action can be taken with the shares, it’s often necessary to obtain probate. Probate is a legal process that confirms the executor’s authority to deal with the deceased’s assets.

Transferring Shares into the Executor’s Name

Once probate is granted, shares may need to be transferred into the name of the executor. This process varies depending on the company and the type of shares.

6. The Process of Selling Shares

After completing legal formalities, the executor can proceed with selling the shares. This section will outline the steps involved in this process, including choosing a brokerage or financial service, understanding market conditions, and making informed decisions.

Deciding on the Right Time to Sell

Timing can significantly impact the returns from selling shares. Executors need to consider market conditions and financial advice to determine the best time to sell.

Completing the Sale

This subsection will detail the actual process of selling shares, including placing orders, handling transaction fees, and ensuring all regulatory requirements are met.

Accounting Write For Us Guest Post - Finance, Tax, GST, Economics, Banking

7. Navigating Tax Implications and Reporting

Managing tax obligations is a critical aspect of selling deceased estate shares. This section will explain the potential tax implications and the importance of accurate reporting for both capital gains tax and inheritance tax considerations.

Understanding Capital Gains Tax Responsibilities

When shares are sold, any profit made from the time of the deceased’s passing to the sale date may be subject to capital gains tax. Executors need to be aware of these implications and plan accordingly.

Inheritance Tax Considerations

In some jurisdictions, the value of the deceased estate’s shares might impact inheritance tax calculations. It’s essential for executors to understand these aspects in order to ensure compliance with tax laws.

8. Common Challenges and How to Overcome Them

Selling deceased estate shares can present unique challenges. This section will discuss common issues such as disputed wills, fragmented information about the shares, and market volatility.

Dealing with Disputed Wills and Beneficiary Disagreements

Disputes over the will or disagreements among beneficiaries can complicate the process. Executors must handle these situations delicately and legally.

Managing Market Volatility

Shares can be subject to market fluctuations. Executors should be prepared for this volatility and may need to consult financial advisors to navigate these waters effectively.

9. Tips for Executors Handling Deceased Estate Shares

This section will provide practical advice for executors, including the importance of seeking professional advice, keeping thorough records, and communicating clearly with beneficiaries.

Seeking Professional Financial and Legal Advice

The complexity of selling shares from a deceased estate often necessitates professional advice. This can range from legal counsel to financial advisory services.

Record Keeping and Communication with Beneficiaries

Maintaining transparent and thorough records is crucial. Executors should also prioritize clear and consistent communication with all beneficiaries to avoid misunderstandings.

Conclusion

Selling shares from a deceased estate is a responsibility that requires careful attention to legal, financial, and interpersonal dynamics. By understanding the process, staying informed about tax obligations, and tackling challenges head-on, executors can fulfill their duties effectively and respectfully.

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