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By Kim Bo-eun
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| Patrick Yoon, Visa Korea's Country Manager |
Assisting partners not only makes sense from a business perspective, but for Patrick Yoon, Visa Korea's country manager, it is also a matter of philosophy.
"We want card issuing clients, merchants and consumers to thrive in an ecosystem," Yoon said in a recent interview with The Korea Times at Visa's office in central Seoul.
"When they are successful we are successful. By them growing we can grow together."
In Korea, Visa identified a role it could play in supporting fintech startups go global. This is based on the fact that it is a global company operating across 200 different markets.
The country head noted the competitiveness of Korean fintech firms, stating, "They are sophisticated. They can compete well."
As part of the Visa Everywhere Initiative, Visa Korea took four out of six finalist teams of a fintech contest in May to Singapore last week. The teams promoted their product propositions at the world's largest fintech festival held in the country and visited Visa's Innovation Center there. They will gain access to Visa's Fintech Fast Track Program, which makes it easier and quicker for fintech startups to enter markets leveraging Visa's scale, reach and network of partners.
Visa Korea
Yoon assumed his position in March 2018, at a highly dynamic time point.
He says the company's current task is "transforming from a traditional credit card company toward digital innovation, fintech evolution."
"In Korea, my job is to ensure that we can help create the right digital ecosystem supporting card firms, big tech companies and merchants."
To take on the role, Visa Korea has increased the number of its staff by more than 30 percent since Yoon arrived.
Korea's payment market
Korea has a highly advanced payment market, where 90 percent of all financial transactions are processed electronically.
This is why Yoon doubles as country manager for Mongolia.
"Mongolia has the aspiration to lead the way to a cashless society. Korea has an advanced credit card industry and know-how of driving innovation."
This is why Visa concluded Korea would be a good country to also support Mongolia, he said.
Yet he noted the government as well as local partners can take measures to enable the fintech industry to go a step further.
He said the financial authorities could deregulate to a degree to make it easier for business entities to better serve their clients without creating risk.
"Regulators should always stay on the top of what is going on globally, what are the best practices they can learn from and collaborate closely with the industry."
He also noted Visa's partners in Korea have yet to adopt the global standard for payments ― EMV.
Financial firms in digital era
Financial firms offering payment services have begun testing various new security methods such as with facial features recognition, or with sound.
"Credit card companies will always invest to find new ways to enhance the user experience," Yoon said.
The financial services market is becoming increasingly competitive, with fintech firms and tech companies striving to offer better experiences.
Yoon says they should be viewed not as competitors but partners.
"By having market participants come into the market with niche products and solution offerings, they may be creating a new market within financial services. The market is not absolute or static," he said.
Yoon noted that in times of disruption, it is the attitude of businesses that will determine their success.
"When there is digital disruption, companies that see change as an opportunity to grow their business will continue to thrive."
For Visa, this means, "challenging the status quo, thinking and acting differently, and being agile."
This is what Visa looks for when it recruits ― people who are open-minded.
"Once they are hired we want to make sure we have the culture and ways of working to promote the same values through training," Yoon said.
"It's about constant messaging that it's okay to fail but that we need to try new things."
Foreign businesses in Korea
Prior to joining Visa last year, Yoon was in the banking sector, where he held a managerial position for more than a decade.
Based on his experience with a foreign bank in Korea, Yoon said foreign businesses in Korea need a long-term vision and be committed to this in order to succeed.
"Come up with the best products and services that you offer in the market, invest in the country, the brand," he said.
"But it's not just about products and services, it's also how you engage with stakeholders. Build deep relationships during good and bad times."
Yoon has been in Korea for the past six years, and is happy to be here.
"We want Korea to lead the way in digital thinking and innovation," he said. "The right ingredients are there for Korea to position itself as a leader in fintech."
