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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

4 Supply Chain Strategies for Digital Growth

Organizations generally model their supply chain strategies on their business model and customer demands. Supply Chain Strategies for Digital Growth.

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Run a Better Business With These Key Tips

Business models continue to adapt to today’s digital economy and consumer demand. For new and established companies to succeed, they have to be equipped with suitable supply chain strategies to meet the standards.

Consumers now tend to want and buy products and services quickly with websites and smartphone apps. Setting up and implementing the ideal strategies to control the supply chain will help businesses grow and increase their profit margin.

A comprehensive and effective plan will ensure that a business can smoothly move products through the supply chain. In addition, operations will efficiently function, costs will reduce, and profitability will increase.

Organizations generally model their supply chain strategies on their business model and customer demands. The following are some of the techniques that can help your business grow.

1. Customer-Centricity

This strategy streamlines its focus on the needs and preferences of customers. To ensure a customer-centric strategy, a business owner will have to improve the demand forecasting accuracy. It will enable the said company to prepare the inventory products to meet projected demands.

Businesses can pinpoint in-demand trends and products by using inventory management software that has forecasting abilities. The tool will record data concerning sales and stock. It will then provide real-time reports.

By using this strategy, organizations will be able to improve their financial performance while providing excellent customer service. Regular monitoring of demand will allow business owners to enhance their collaboration with suppliers, which will help in the efficient handling of new inventory.

7 Solid Tips to Strengthen Your Online Business Brand

2. Predictive Business

Setbacks like delayed shipment and machine malfunction will happen at times. However, businesses will be able to prevent most of these issues by quickly attending to them with the help of predictive technology.

By using predictive maintenance, a business can obtain a clear and concise view of its entire operation – including assets, products, and equipment. Insight can also be gained regarding product improvements and cost minimization methods.

3. Intelligent Automation

There’s no denying that businesses, regardless of industry, have embraced the integration of automation. This has been a very effective supply chain management strategy. Automation includes delivery drones, autonomous forklift trucks, and software solutions to streamline warehouse management.

Manufacturing companies maximize their supply chain’s potential by using intelligent automation. This solution utilizes robotic processes, AI, and software engineering practices to automate complex business operations. Manufacturers use this tool to mass-produce consumer-friendly products.

This will undoubtedly boost the revenue and sales of a business. Also, the flexibility automation provides allows companies to manufacture products when they’re needed – instead of manufacturing large quantities at once.

4. Total Visibility

For the supply chain to be managed appropriately, business owners will need complete visibility into every process and its role. Executives will have to monitor the production and delivery of the products. They will also have to regularly assess sales data to determine any future disruption in the supply chain.

With real-time supply chain visibility, management will be able to identify anomalies in the supply chain. They can also make quick adjustments to the production process or inventory to rectify the anomaly. This will go a long way in minimizing risks and spending.

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