KU signs MOU with ISPC to open Korea-China Fintech center
The agreement aims to enhance mutual cooperation between the KU College of Informatics and ISPC.

▲ (From left) YOO Hyuck, Dean of the College of Informatics at KU;
Soo-Won Kim, KU Executive Vice President for Research; and Sam Lin, President of ISPC

The Korea University College of Informatics signed a Memorandum of Understanding (MOU) with the International Sourcing Promotion Center (ISPC), a state-run investment institute in China, in order to build a cooperative business relation between two parties. The ultimate goal of the memorandum is to open a Korea-China Fintech center in pursuit of the advancement of financial industries in both countries.

The signing ceremony was held at the KU Main Hall with the persons of interest, including Soo-Won Kim, KU Executive Vice President for Research; Hyuk Yoo, Dean of the College of Informatics at KU; Sam Lin, President of ISPC; and Andrew Lee, CEO of ISPC Korea.

Through the agreement, both parties aim to enhance mutual cooperation in developing blockchain-based platforms, exchanging information, co-funding Fintech projects, and operating a testbed with virtual currency.

With support from the Ministry of Commerce of the People’s Republic of China and the Shanghai Municipal Government, the municipal government in 2002 founded ISPC. It aims to provide multi-faceted, business and financial services to domestic and multinational firms in China.

As East Best & Lansheng (EXPO group) Group and the Shanghai Foreign Economic & Trade Investment (Group) Co., Ltd merged, the center has transformed into a new entity. Specializing in international sourcing, trade, investment, research and consulting, it assists Chinese firms in expanding their business abroad and multinational firms (mostly top 500 companies) in entering the Chinese market.

At the ceremony, Dean Yoo emphasized the significance of the agreement, saying, “If a Korea-China Fintech center opens, it will be a platform for the university to make inroads into China.” He added, “The western countries are currently at the center of developing Fintech platforms. I firmly believe that the Korea-China Fintech center will contribute to accelerate the development of finance technologies in Korea and to create chances of collaboration with the world’s biggest market – China.”