Fintech Funding
KOSCOM and the Mirae Asset Financial Group signed an agreement for the first fintech fund in Korea on Oct. 15. The 20 billion won (US$17.6 million) fund is slated to be invested in order to assist in the growth of startups in the fintech industry. The signing ceremony was held at the main office of KOSCOM located in Yeouido, Seoul.
KOSCOM will invest 8 billion won (US$7 million) and Mirae Asset 12 billion won (US$11 million) in the fund, respectively. It is scheduled to be registered as a venture fund for investment in newly-founded firms in the fintech sector, and each of its investment targets is to be provided with an average of 500 million to 1 billion won (US$438,760 to $877,770).
Earlier in March this year, KOSCOM concluded a memorandum of understanding (MOU) with the Financial Services Commission for the growth of the domestic fintech industry, before holding contests and conferences to the same end. Since then, KOSCOM has proceeded with incubating projects with firms selected in the contest. The fintech fund is scheduled to be in operation for five to seven years to come, in step with the development of the sector, while making investments in those firms.