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Firms To Watch: Fintech and financial services regulatory: local firms

Young Kyu Yun leads the financial regulations team at Jipyong LLC, with regulatory compliance, disputes and licensing all being sweet spots for the unit.

Fintech and financial services regulatory: local firms in South Korea

Bae, Kim & Lee LLC

The fintech and financial regulation group at Bae, Kim & Lee LLC pulls together a strong offering with key pillars of the practice including compliance and regulatory work, advice related to the obtaining of business licenses and enforcement, and defence work relating to issues such as regulatory audits and inspections. The firm’s fintech offering has notable expertise in, stablecoins, financial data security and electronic payment gateways. Leadership of the team is split between blockchain and crypto-asset expert Jong Baek Park and financial and economic regulations specialist Young Mo Kim. Dispute resolution involving emerging technologies is a key focus for Juho Yoon, while Jae In Lee is equipped to assist with M&A transactions involving financial institutions and fintechs.

Practice head(s):

Jong Baek Park; Young Mo Kim


Other key lawyers:

Juho Yoon; Jae In Lee


Key clients

Ava Labs


NH Nonghyup Bank


Samsung SDS


Work highlights


  • Advised Samsung SDS on its establishing AI governance framework for NH Nonghyup Bank.
  • Advised Coinone on its responding to the comprehensive inspection of money laundering for virtual asset operators by the Korea Financial Intelligence Unit of the Korea Financial Services Commission.

Kim & Chang

Kim & Chang is praised for combining ‘reliable services on the financial regulatory front’, with a fintech team housing ‘more lawyers and other professionals with science or engineering backgrounds than any other law firm’s team’. Bumkyu Sung is a key contact for internal investigations of financial institutions conducting business in Korea. Foreign attorney Ik Hwan Cho and Oh Hyun Kwon are both equipped to advise on securities regulation, while fintech specialist Joon Young Kim is well versed in legal issues relating to blockchain and cloud computing. IT compliance specialist Jung Min Lee is also recommended. Kye Sung Chung and Sang Hwan Lee  jointly lead the practice.

Practice head(s):

Kye Sung Chung; Sang Hwan Lee


Other key lawyers:

Bumkyu Sung; Ik Hwan Cho; Oh Hyun Kwon; Joon Young Kim; Jung Min Lee; Sangyong Park; Eun Gyung Choi


Testimonials

‘K&C provides reliable services on the financial regulatory front.’

‘We rely on Bumkyu Sung, Eun Gyung Choi and Sangyong Park greatly.’

‘K&C’s fintech team has more lawyers and other professionals with science or engineering backgrounds than any other law firm’s team. This is a huge advantage in the fintech space.’

‘K&C’s fintech team includes many recent transfers from financial regulators. They can help clients stay on top of the latest regulatory developments. This can be a significant advantage in the fintech sector. ’

‘Jung Min Lee has extensive experience in multiple areas of financial regulation and can tailor his advice to the client’s needs.’

‘They are professional and their advice is consistently excellent.’

‘Bumkyu Sung provides practical, business-oriented legal advice in a timely and cost-effective manner. His understanding of the finance industry is unmatched.’

Key clients

Viva Republica


Toss Bank


Toss Securities


Toss Payments


Kakao Group


Coupang Corporation / Coupang Pay


GroundX Corp.


The Export-Import Bank of Korea


Bithumb Korea Corporation


Korea Credit Service


Microsoft Corporation


KEB Hana Bank


BC Card


Natixis S.A. and Natixis Asia Limited


Apollo Global Management


Work highlights


  • Advised on the launch of an online platform (“The Platform”) for sales of fan merchandises in the form of NFTs.
  • Advised market makers on a case in which Korean SFC’s concluded that market makers’ trading does not constitute an act of unfair trading.

Lee & Ko

Lee & Ko’s financial regulatory team operates inside of the firm’s sizeable finance group and is peopled by an ‘excellent pool of talent’ with extensive experience of dealing with the Financial Supervisory Service, the Financial Services Commission and other regulatory bodies. The fintech side of the practice assists financial institutions, IT companies and e-commerce companies with the provision of fintech services and a wide array of  regulatory issues. Jongsoo (Jay) Yoon and Kwang Bae Park  co-lead the fintech group, while Seung Hoon Choi and Hyun Goo Kang are in charge of the financial services regulatory group. Financial regulatory expert Hyeong Min Yoo is well positioned to assist clients during investigation and sanctions proceedings. Jung-Myung (Chloe) Lee is geared to advise on NFT mandates, while Seong Hwan Ju centres his practice on regulatory compliance.

Practice head(s):

Jongsoo Yoon; Kwang Bae Park; Seung Hoon Choi; Hyun Goo Kang


Other key lawyers:

Hyeong Min Yoo; Jung-Myung (Chloe) Lee; Seong Hwan Ju


Testimonials

‘Lee &Ko has an excellent pool of talent from diverse backgrounds and relevant connections in key government offices.’

‘Jay Yoon and his team have demonstrated they are capable of brainstorming, exchanging ideas, and thinking out of the box when it comes to navigating regulatory risks with little or no precedent.’

Key clients

Mirae Asset Securities Co., Ltd.


Korbit Inc.


KakaoBank Corp.


Coinone, Inc.


Woori Financial Capital Co.,Ltd Co.


Standard Chartered Bank Korea Limited


KB Investment & Securities Co., Ltd.


Korea Securities Depositary


ING Bank N.V., Seoul Arab


INMARK REITs Management Inc.


Kasa Korea Co., Ltd.


Coupang Corp.


Hanwha Life Insurance Co., Ltd.


Samsung Securities Co., Ltd.


Credit Agricole (CACIB) Seoul


Nice Rating


Meritz Securities Co., Ltd.


Hyundai Asset Management


Midas Asset


Payhere Inc.


Baker McKenzie


Korea Exchange (KRX)


WOORI BANK


JPMorgan Chase Bank, N.A. Seoul Branch


Yuanta Securities Korea Co., Ltd


HYUNDAI MOTOR SECURITIES


Goldman Sachs, Seoul Branch


Star Beta Korea


KB KOOKMIN BANK


WWD Korea


DUNAMU


Wavebridge Corp.


SRV Labs


BLOCKO


Nomura financial investment


Wannabe Chain Soft Co.(currently Aintchainsoft Co.)


Bloomingbit


Korea Development Bank


Self Esteem Brands, LLC


Antler Innovation Pte. Ltd.


Naver


ONTHER


FRIENKLY


LEVEL 19


SK M&Service


Ntuple


Woori Investment Bank


KB Capital


PEOPLEFUND


HuobiKorea


NICE Information Service Co., Ltd.


KAKAO PAY


NEXON


SUPERTREE


Gbiz Group


NAVER FINANCIAL Corp.


Work highlights


  • Highlighted the importance of accurate disclosures of circulation volume in the price formation of virtual assets On behalf of three exchanges (Upbit, Coinone and Korbit
  • Advised Payhere on a Series B investment of KRW 20bn and issued convertible preferred stock to Series B investors.
  • Conducted a comprehensive review of issues that Dunamu should consider in issuing and selling NFTs, including the applicability of financial investment products under the Financial Investment Services and Capital Markets Act.

Yulchon

Praised for being ‘up-to-date on the latest developments in fintech and financial regulations’ and for its ‘deep knowledge’ of blockchain and NFTs, Yulchon advises on fintech issues such as electronic finance, payments and data protection. Traditional financial regulatory work, including general banking and capital markets advisory work is further area of strength. Doil Son and Young Su Shin jointly lead the team, with the former well versed in fintech regulation in Korea and the latter possessing in-depth knowledge of finance ranging from structured finance to insurance-linked securities. Jun Hee Lee is highlighted for his payments expertise, while Sun Hee Kim is embedded in data and technology.

Practice head(s):

Doil Son; Young Su Shin


Other key lawyers:

Jun Hee Lee; Sun Hee Kim


Testimonials

‘The fintech law practice at Yulchon is unique in its focus on the intersection of intellectual property and new technologies, such as blockchain and NFTs. The team has a deep understanding of the legal issues surrounding these technologies.’

‘Potential clients would want to know that the team at Yulchon is up-to-date on the latest developments in fintech and financial regulations, and that they have a proven track record of success in this area.’

‘The individuals I work with at Yulchon are all highly skilled and experienced lawyers who are passionate about fintech law. They are also very approachable and client-oriented.’

‘I believe that the fintech practice at Yulchon is a unique and valuable resource for potential clients. I would highly recommend the team to anyone who is looking for legal advice on fintech matters.’

Key clients

LINE NEXT Inc.


bithumb META Co., Ltd.


Yanolja Cloud PTE. LTD.


Woowa Brothers Corp.


Kurly Inc.


Mathpresso Inc.


Toss Place Co., Ltd. (Affiliate of Viva Republica Co., Ltd.)


Agoda


Bithumb Korea Co., Ltd.


KEB Hana Bank


KB Financial Group Inc., Prudential Life Insurance, KB Life Insurance


Shinhan Bank


Naver Financial Corporation


Hanwha Savings Bank and Double Savings Bank


Hanwha Life Financial Service


Work highlights


  • Advised Yanolja Cloud on establishment of “Connectifi Cloud”, a proptech service platform company.
  • Independent audit on Naver’s electronic financial business as required by the Specified Financial Information Act.
  • Advising Ant Financial on various creative business models for cross-border payment and cross-border remittance services based on Alipay’s global network.