Establishment of Membership System to Expand Corporate Support
Achieved 34.8 Billion KRW Investment Attraction and 82.9 Billion KRW Sales in First Half of This Year... Created 442 New Jobs
[Asia Economy Reporter Lim Cheol-young] Seoul City announced on the 14th that it is recruiting 30 innovative companies to move into ‘Seoul Fintech Lab,’ the largest fintech startup incubation center in Korea, until October 5th. Selected companies will receive full support tailored to their growth stages, including investment, marketing, and technology development. Opportunities for overseas expansion and investment attraction will also be provided.
Located in Yeouido, the financial hub, Seoul Fintech Lab currently houses a total of 82 fintech startups, including 73 domestic and 9 overseas companies. In the first half of this year alone, the lab achieved KRW 34.8 billion in investment attraction, KRW 82.9 billion in sales, and created 442 new jobs.
Any domestic or international startup with innovative business models or items in the fintech sector can apply if they meet criteria such as investment attraction and employment status. The recruitment target is domestic and foreign startups with innovative business models or items in the fintech field. For domestic companies, conditions include being within 7 years of establishment, having attracted at least KRW 100 million in investment (cumulative since corporate establishment), achieving sales of at least KRW 100 million (cumulative over the past 3 years), and having at least 5 employees. For overseas companies, eligibility requires having a legally established corporation abroad as of the announcement date and being a fintech startup wishing to expand business into the Asian market through fintech operations in Korea.
Selected fintech startups will be able to use office space for up to 3 years at a low cost. Depending on the growth stage of each company, specialized fintech startup incubating programs will be provided, including commercialization, investment, marketing, technology development, legal and patent support, and publicity. Investment attraction and overseas expansion will be supported through connections with large corporations and financial institutions.
Starting this year, a ‘Membership System’ has been newly established and operated for companies that unfortunately did not pass the final selection but possess technological capabilities and service competitiveness. Companies that passed the document screening but were not selected as final resident companies will be granted access to hot desk seats for up to 2 people per company in Seoul Fintech Lab’s shared office space and will have expanded opportunities to participate in all incubation programs of Seoul Fintech Lab.
Meanwhile, to address companies’ questions about residency and support programs and to provide sufficient information, an ‘Online Pre-briefing Session’ on support procedures, schedules, and contents will be held on the 26th for pre-registered participants. Hwang Bo-yeon, Director of Seoul City’s Economic Policy Office, said, “As fintech is an essential technology and core competitiveness of the financial industry in the era of the 4th Industrial Revolution, Seoul City will support the emergence of unicorn companies that will lead the global digital finance market from Seoul Fintech Lab, the largest fintech startup cradle in Korea.”
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