April 6th, 4 PM at Busan International Finance Center, Future Innovation Vice Mayor, 'Busan Fintech Hub' Resident Companies and Partners
'Busan Fintech Hub' Growth↑, Cumulative Number of Companies 97, Cumulative Sales 224.5 Billion KRW, Investment and Financing 71.2 Billion KRW
On the 6th at 4 p.m., Busan City will hold the '2024 Busan Fintech Hub Performance Sharing Meeting' at the Busan International Finance Center.
The event will be attended by the Deputy Mayor of Future Innovation of the city, resident companies of the ‘Busan Fintech Hub,’ and related partners.
The ‘Busan Fintech Hub’ is a platform established by the city in 2019 at the Busan International Finance Center (BIFC) and the Busan Chamber of Commerce and Industry to nurture fintech companies by supporting their initial settlement and scale-up.
It supports tailored professional growth programs at each growth stage, including ▲operation of the ‘Financial Data Lab,’ ▲corporate marketing and consulting, ▲specialized developer training programs, and ▲strengthening corporate capabilities through commercialization. Currently, 46 companies reside and cluster here.
This event is an opportunity to encourage the growth of startups residing in the 'Busan Fintech Hub' and share their achievements. It will include ▲the certification ceremony for ‘B-Fintech 20’ companies (3 companies), ▲awards for high-growth companies by category (sales, employment, commercialization) and team building, and ▲sharing of corporate achievements.
In particular, through the ‘B-Fintech 20’ company certification ceremony, the event aims to encourage corporate growth, share the operational achievements of the 'Busan Fintech Hub,' and explore future visions.
The ‘B-Fintech 20’ certification project selects high-growth startups and provides commercialization benefits (incentives) and professional consulting, actively supporting the advancement of their businesses.
From this year until 2028, over five years, 20 fintech startups in Busan that achieve standard growth performance in business models, sales, investment, and employment will be selected and certified to support their business advancement and expand a sustainable fintech industry ecosystem.
At this event, three companies?Barirus, Mapsi, and Jigureul Guhaneun Ingan?will be newly certified as ‘B-Fintech 20’ companies, following last year. The city expects that the certification system will drive corporate growth momentum and accelerate the virtuous cycle of the 'Busan Fintech Hub' ecosystem.
‘Barirus’ provides specialized credit evaluation-based financial services to creators, with cumulative payments reaching 12 billion KRW and 1,400 registered creators since the service launch.
‘Mapsi’ started with the development of maritime navigation and plans to build and operate a platform to monitor and manage carbon emissions, fuel consumption, and navigation distances of ships owned by shipping companies to comply with the European Union (EU) carbon emission regulations, as well as verify and submit this data. Notably, active investments from BNK Venture Investment, IBK Industrial Bank of Korea, and Korea Credit Guarantee Fund are expected to accelerate sales growth by expanding the business model.
‘Jigureul Guhaneun Ingan’ will collaborate with ‘Mapsi’ to launch an over-the-counter brokerage platform service for EU carbon emission allowances targeting companies, based on corporate carbon emission monitoring and financial risk analysis.
Since its opening in October 2019, a total of 97 companies have moved into the 'Busan Fintech Hub' as of this year. The cumulative sales of these companies are estimated at 224.5 billion KRW, and the scale of secured investment and financing has dramatically increased from 4 billion KRW in 2020 to 71.2 billion KRW this year, showing remarkable growth.
The ‘Busan Fintech Hub’ continues to produce capable companies through business model advancement, collaboration among companies, and business diversification. These companies have not only attracted investments and expanded overseas market entry but have also been recognized for their technology in the global market, including winning the ‘CES Innovation Award.’
Additionally, collaboration with major leading companies such as SK Planet, IBK Industrial Bank of Korea, BNK Financial Group, Korea Development Bank, and Korea Credit Guarantee Fund has enabled data-driven marketing, business model advancement, and investment attraction support. Such collaboration strengthens the ‘Busan Fintech Hub ecosystem’ and leads to regional economic revitalization.
Kim Kwang-hoe, Deputy Mayor of Future Innovation of Busan, stated, “The ‘Busan Fintech Hub’ has entered an advanced stage as a startup growth platform beyond a simple corporate cluster.” He added, “We will further expand practical support for resident companies to achieve real growth and do our best to establish Busan as a hub of financial innovation in Asia through increased corporate sales, job creation, and business model expansion.”
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