Korea will launch an easy-to-use QR code payment service in Indonesia this year, as part of efforts to foster its advanced digital financial services in Asia, according to the head of the Korea Financial Telecommunications & Clearings Institute (KFTC), Thursday. Operating under the wing of the Bank of Korea (BOK), the KFTC is tasked with supporting efficient financial transactions across the relevant industries. KFTC President Park Jong-seok, who accompanied BOK Gov. Rhee Chang-yong at the Asian Development Bank (ADB) meeting in Milan this week, highlighted Indonesia as the first partner country in Asia for a QR code payment system. “We expect the service to start in Indonesia within this year, as we push to elevate the KFTC’s reputation and promote Korea’s advanced financial system across Asia,” Park told reporters. The QR code payment service will be part of the KFTC’s broader goal to establish a linked network among Korean financial services companies, including fintech firms, and overseas payment institutions. In particular, the institute seeks to build the network without using
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