FSS Completes Registration for New Technology Business Finance
Expectations for Revitalizing Local Tech Ventures and Ecosystem Growth
Lee Jangwoo, mayor of Daejeon, is giving a briefing on Daejeon Investment Finance Co., Ltd. / Daejeon City
Daejeon City has completed the administrative procedures for Daejeon Investment Finance Co., Ltd., a public investment institution established by a local government for the first time in Korea, and is now preparing for full-scale operations.
On the 26th, Daejeon City announced that it had received notification from the Financial Supervisory Service that the registration for new technology business financing for Daejeon Investment Finance Co., Ltd. had been completed.
Daejeon Investment Finance is the nation’s first public investment institution established by a local government, with Daejeon City investing 50 billion KRW in capital, fully funded by the city, for the purpose of new technology business financing.
With this registration, the city has established the legal foundation to conduct investment and financing for new technology businesses, provide management and technical guidance, establish investment associations, and manage investment funds.
Accordingly, on December 10, the official launch ceremony for Daejeon Investment Finance Co., Ltd. will be held at Hotel ICC, and internal operating regulations and business plans are scheduled to be finalized within December.
The city also plans to establish a mother fund targeting potential investors and to actively discover promising local companies for investment and form investment associations.
Lee Jangwoo, Mayor of Daejeon, said, “The establishment of Daejeon Investment Finance is a key pledge of the 8th popularly elected administration to make Daejeon a top-tier economic city. It expresses our determination to overcome the limitations of the venture investment ecosystem centered in the Seoul metropolitan area and to foster local companies ourselves. Now that the legal foundation has been established, we will do our best to vitalize the local venture investment ecosystem so that Daejeon can take the lead in creating new growth engines for Korea.”
Meanwhile, Daejeon City enacted the ordinance for the establishment and operation of Daejeon Investment Finance Co., Ltd. in May and completed the corporate registration and appointed the CEO and other executives in July.
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