The Fin aims to bridge digital divide in financial sector: CEO

CEO Lee Ho-hyung

AP The Fin Inc., a financial technology (fintech) startup in South Korea, proposes a solution that gives access to financially-vulnerable groups, such as the elderly and residents in rural areas, to ensure digital inclusion.

“In order for the loan brokerage platform to continue growing, it needs to evolve into a comprehensive online and offline financial product platform by providing financial product consultations offline, so that digitally vulnerable groups can participate as well,” said Lee Ho-hyung, chief executive officer of AP The Fin.

During an interview with Maeil Business Newspaper, Lee added that the company’s competitive edge in the rapidly growing online loan brokerage service market is its integration of online and offline services.

AP The Fin plans to establish an offline brokerage branch as early as September. Despite broader use of mobile loan services, many still lack access to digital financial services.

“There is a clear phenomenon where older age groups or people in rural areas find it difficult to access digital financial services,” Lee said. “We will create a professional entity where loan brokers can provide direct, in-person counseling services.”

AP The Fin, founded in December 2021, operates an app that gives users access to information on credit, mortgage, and corporate loan options from commercial lenders and credit card companies.

The fintech company also has plans to create a digital financial platform that engages real estate and finance. The parent company of AP The Fin is Asia F&I, a real estate investment firm. The plan is to combine the real estate investment capabilities of the parent company with its own information technology (IT) to create synergy.