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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

Top 3 Benefits of Transportation Management Software

The transportation management software is fully capable of boosting the cost and service of logistic companies. Additionally, the software also induces transparency in shipment methods.

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Top 3 Benefits of Transportation Management Software

With a changing online landscape, many things have changed. For instance, we have witnessed a massive growth of e-commerce companies and the inclusion of new businesses and market trends in the rapidly evolving technology markets.

One factor that all businesses survive and thrive in today’s era of Digital Darwinism is integrating the latest technology trends that keep them afloat in their niches and stand out from their competitors.

If your company is looking for innovative ways to optimize its supply chain management strategy, it might be a great idea to invest in transportation management software.

1. An Overview of the Transportation Management Software

The transportation management software is fully capable of boosting the cost and service of logistic companies. Additionally, the software also induces transparency in shipment methods.

The functionality, configuration, and expenses of a good transportation management software favour the company in numerous ways, especially for new start-ups that are still relying on manual processes to manage their freight effectively.

The transportation management software can save time and money as companies won’t have to rely on spreadsheets, unnecessary documentation, and paperwork, all of which are prone to human error and miscalculations.

By adopting and integrating cloud-based transportation management software, businesses can boost their productivity, customer service and increase sales and revenue.

Additionally, these businesses can also save trees by relying less on paperwork and using a unified platform to receive orders, process, and track shipments. By keeping the entire team on the same page, companies can boost their customer service and increase the satisfaction rate of their potential customers.

Study to read more regarding three benefits companies can render by integrating transportation management software into their business model.

2. Cost And Time Efficient

Amongst the most significant benefits that companies can render from the inclusion of this software is that companies can reduce freight expenses.

The software serves as an effective visibility tool of the supply chain as it allows shippers to recognize any potential disruptions.

Additionally, the company’s entire team remains on the same page and gets real-time and real-life information about the shipment process as a whole, which saves much of their time.

With a massive decrease in resource expenses, all sorts of tasks, such as the validation of charges, can be automatically processed through the transportation management software.

3. Boost in Customer Service

Boost in Customer Service

As we pass through 2021, customer service has become the focal point of many businesses. We live in a rapidly evolving society where people want the solutions and answers to their problems and queries right now and not any time later.

With the integration of transportation management software, businesses can efficiently track critical factors, including damage rates, expected delivery time, and other performance indicators.

The obtained information can eliminate the risk of potentially arising problems by promptly fixing the issues and replacing them with better alternatives.

Resultantly, companies and logistics businesses can boost their customer service and customer satisfaction by integrating transportation management software.

4. Real-Time Tracking

Instead of relying on rough guesses and estimates, transportation management software allows companies and their employees to track the delivery of their products and services in real-time.

In delays and potential errors in shipment deliveries, companies can receive real-time alerts, which allows them to make the much-needed adjustments.

The transportation management software also allows companies to detect any potential service disruptions and thus provides the companies with a professional advantage of knowing about things in advance and making swift improvements and adjustments.

The transportation management software also allows businesses to create intelligent and efficient schedules and routes for efficient deliveries.

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