China rapidly embracing fintech while Korea trails behind

Korea’s fintech adoption rate is less than half of China, according to a fintech trend report released by the Financial Supervisory Service. The financial watchdog cited the “EY FinTech Adoption Index 2017” report from global consulting firm Ernst & Young to compare the fintech adoption rate among 20 major markets across the world. According to EY, the global fintech adoption rate on average reached 33 percent, up 17 percentage points from the same study in 2015. Korea’s adoption rate was 32 percent, while China’s adoption rate was 69 percent — more than double that of Korea. Emerging economies like India (52 percent), Brazil (40 percent) and Mexico (36 percent) all turned out to be more willing to apply top-notch technology to finance than Korea, according to the index.

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