DGB Financial Group Opens Applications for 3rd Cohort of Startup Support Program 'Pium Lab'

[Asia Economy Reporter Kim Hyojin] DGB Financial Group announced on the 21st that it is recruiting the 3rd cohort of the ‘DGB Financial FIUM Lab’ to create a creative startup ecosystem through co-growth with startups and prospective entrepreneurs with innovative ideas and technologies.

The core operational direction of FIUM Lab 3rd cohort is ‘DGB X Start-up: Collaboration,’ focusing even more on strengthening collaboration following the 2nd cohort. Any innovative startup in all fintech sectors that can create synergy with DGB Financial is eligible to apply. Startups wishing to apply can download and complete the documents announced on the DGB Financial Group website and submit them by February 7.

A distinctive feature is that startups in specific fields that can jointly enhance digital innovation with each financial affiliate of DGB Financial are classified as focused recruitment fields and selected accordingly. Recruitment is divided into the ‘Incubator Track’ for new companies and the ‘Open Innovation Track’ for collaboration promotion. Submitted documents will undergo an in-depth review process, with final selections announced around the end of February, and the program will commence in March.

Selected startups will receive various support and nurturing programs, including free office space, specialized consulting programs, diverse investment linkage support, and utilization of the financial regulatory sandbox system. After approximately six months of operation, performance results will be disclosed through a year-end demo day and other events.

The ‘FIUM’ in FIUM Lab combines the ‘F’ from Fintech and the ‘I’ from Innovation, meaning ‘to bloom fintech innovation (Fium).’ Established in June 2019 as the first fintech lab in the regional financial sector to lead digital finance in the 4th industrial era, it has selected and nurtured a total of 11 companies up to the 2nd cohort.

In the 2nd cohort of the FIUM Lab program, efforts focused on resolving difficulties faced by affiliated startups in securing investment and operating funds due to the rapidly frozen local startup ecosystem environment after COVID-19. By concentrating on IR consulting support that highlights the business directions and strengths of affiliated companies, the 2nd cohort startups, such as the local social venture company Moms Lab, achieved results including attracting investment funds from various government support projects and venture capital.

Active collaboration with DGB Financial also stands out as an achievement. The 2nd cohort startup Dive Co., Ltd. successfully carried out a DID (Decentralized Identifier)-based mobile employee ID issuance project through the DGB Daegu Bank IT R&D Center program. Additionally, Sugar Mong and Daegu Bank conducted a pilot project to create 3D characters of the smart characters ‘Dandi, Ttokdi, and Udi,’ further strengthening collaboration with startups.

Chairman Kim Tae-oh stated, “As the first fintech lab launched in the regional financial sector, FIUM Lab has established itself as a representative local startup nurturing program last year, creating a fintech ecosystem centered around FIUM Lab. We will continuously link with projects related to creating startup ecosystems, such as the urban convergence special zone promoted by the Ministry of Land, Infrastructure and Transport, to create new growth engines for the region. At the same time, through collaboration with startups affiliated with FIUM Lab, we will introduce even newer services to customers.”