QARAsoft Joins a Meeting About Startup Regulations
Katie Son, the Global CEO at QARAsoft, recently participated in a meeting with Park Yong Man, the President of Korea Chamber of Commerce, and Hong Jong Hak, the Minister of Small and Medium-Sized Business Venture, to address the importance of enforcing better regulations to help fintech startups grow their businesses.
This critical meeting provided a chance for QARAsoft to speak about their experience with regulatory hurdles just four years ago when the company was first launched.
“When we first started, QARAsoft developed a breakthrough product that allows ordinary investors to receive highly advanced asset management services,” said Katie. “But when we tried to sell our product to the domestic market, we were immediately faced with strict regulations. Because the product was not easy to list under any existing financial regulations and policies in Korea, QARAsoft had to target the overseas market instead.”
The regulatory system has been a big issue in South Korea for quite some time. While this system is suitable for big financial corporations, it prevents new competitors from entering the market. This essentially means that fintech startups have almost no chance to market their services domestically.
At the gathering, the Small and Medium-Sized Business Venture committee proposed several ideas to overcome strict regulations: strengthen the “scale-up” policy, resolve the mismatch between small and medium-sized companies, adjust the minimum wage to an appropriate rate, develop a more cooperative environment among companies, and focus more on performance and innovation.
Both committees have agreed to frequently meet with key business contacts and take the initiative to resolve issues with regulatory policies. Together, they hope to take the lead in speeding up this development process.
Instead of blaming the system, QARAsoft has decided to take action with a new app called KOSHO. QARAsoft hopes that the product will showcase a more creative way to approach the financial market. While this app doesn’t run into issues with regulations, QARAsoft hopes that it will eventually add the features as the new regulations take place in the future.
