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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

How to Recycle Like a Pro: Tips for Businesses

One direction is positive for the world and the environment, and one fills our already burgeoning network of landfill sites. Here’s how you’ll prioritize the former, recycling like a pro as a business.

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When the material passes through a business, it either gets passed on to another company in a product or packaging or is regarded as waste. In addition, this waste falls into two categories: recyclable waste that will head to special recycling units to be processed and reused in the future, and general destruction that leads to a landfill.

One direction is positive for the world and the environment, and one fills our already burgeoning network of landfill sites. Here’s how you’ll prioritize the former, recycling like a pro as a business.

1. Packaging

For most businesses, the packaging that items, materials, and products arrive in constitutes their primary source of waste. This is especially true of firms that make things, but the same can be said of office firms that still receive large deliveries of office items.

Most of this packaging should be recyclable. If it’s not, urge your suppliers to consider changing to recyclable packaging or find another supplier that uses it. In this way, you’ll contribute to the idea that landfill waste via packaging is not acceptable in 2021.

2. Organizing

For businesses that are constantly fighting through waste – these are the firms that will operate a large facility that cannot help but produce a large volume of waste per day – there are ways to organize it to avoid failing to recycle.

The essential tip here is to funnel your waste towards a waste processing room, in which you’ll separate the waste carefully before placing it in compacting balers to be crushed into manageable cubes. You’ll find such balers on recyclingbalers.com – and they’re well worth equipping yourself with to tighten up the way you deal with your waste and recycling.

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3. Disposing

Once you have your compacted cubes of recycling, you’ll need to find the most efficient and effective way to dispose of them. Often, this will mean teaming up with a local recycling firm that’ll come and collect your recyclable cubes from your facility, taking them to a recycling plant for processing.

However, if no such firm exists in your area, it may be worth hiring your van to make these regular trips to a local recycling facility, where you can drop off your waste yourself. In either case, make sure that the facility in question is reputable and that you’re confident that your recycling will be handled responsibly once you hand it over.

4. Outgoings

Your firm may also produce products that you then load onto trucks and watch leave your facility for your clients’ stores. These too should be packaged in recyclable packaging, with clear labels on the packaging to tell end consumers how best to dispose of their waste.

This will complete your recycling responsibilities, ensuring that from the moment material enters your firm to the moment it leaves, you’re doing your utmost to provide any recycled waste and not added to the landfill. Making your firm a pro recycler will require you to follow these four steps – each of which is certainly achievable for any business.

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