Seoul Fintech Lab announced on the 13th that it had selected fintech startup Social Trust Co., Ltd. as a new resident company in the first half of 2025.
Social Trust is a company that operates 'Trusty', a mobile lending service based on alternative credit ratings, mainly in Nigeria, Africa, and is growing rapidly based on its technological capabilities for low-credit and financially excluded people.
Seoul Fintech Lab is the largest fintech specialized startup incubator in Asia, supporting the global expansion of promising domestic and international companies. Social Trust, which was selected as a resident company this time, is increasing financial accessibility through its own network-based big data credit rating model developed by the company for customers with insufficient credit history in the traditional financial system.
In particular, it has attracted attention for obtaining an independent 'Money Lender's License' from the Financial Conduct Authority of Nigeria (FCCPC), thereby providing legal financial services locally. The 'Trusty' service uses a contact-based acquaintance evaluation system to fill in credit gaps and analyzes user credit ratings based on artificial intelligence (AI).
Social Trust plans to use this move into Seoul Fintech Lab as an opportunity to advance its technology while also making full-fledged forays into emerging markets in Asia outside of Africa. Starting with Vietnam in 2025, it plans to expand its services to countries with high demand for fintech, such as Kenya, Ghana, and Rwanda.
CEO Kim said, “Through moving into Seoul Fintech Lab, we will cooperate with technology-based fintech companies and share the field experience and regulatory response capabilities we have accumulated in the African market,” adding, “We aim to contribute to the expansion of the global fintech ecosystem using Seoul as a bridgehead.”
A Seoul Fintech Lab official said, “Social Trust is a competitive company in terms of technology, marketability, and global expandability,” adding, “Seoul Fintech Lab is expected to expand its influence in the global fintech market together with Social Trust.”
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