A Study on the Development of the Global Fintech Industry and Trade Finance

Abstract

Purpose The study’s purpose was to study the development of e-commerce trade finance according to the expansion of Korea’s fintech industry amid the development of the global fintech industry. Design/Methodology/Approach This can lead to the expansion of the ICT-related financial sector in the USMCA which includes Canada on the existing Korean trade. Therefore, it is necessary to prepare well for such ICT-related trade finance fields in the expansion of trade in North America. For the top 11 fintech-related companies in Europe, the largest source of revenue is related to payments. In other words, 45% of the total business scope of Fintech companies in Europe is being used as such. The payment settlement method is a transaction agency service method performed to a financial institution through the Internet. Findings Looking at the fintech investment trend in Canada’s western region, it is estimated that it will increase by 9.14% from 2020 to 2025. In the case of 2025, it is estimated from using the ARIMA (1, 1, 0) model, and from 2020 to 2024, the estimate of Accenture (2020) is used. Research Implications In the case of Korea, fintech financing included credit rating systems and loans can be facilitated for small and medium-sized export companies that are in the current global trade situation. Global trade may contract due to the pandemic and protectionism. Therefore, it is needed to actively utilize the Fintech field has to grow after 2022. In addition, trade finance services through fintech companies will be provided to domestic and foreign traders.