Financial Technology
Entiq Korea raises its first investment fund in the third quarter of next year. Investors from various countries such as the United States, Britain and Israel are expected to participate in the fund estimated at 100 billion won to 150 billion won. The purpose of the fund is to make a direct investment in selected fintech startups after its global incubation program for 40 to 50 firms scheduled for early next year.
To this end, Entiq recently signed a memorandum of understanding (MOU) for the growth of the fintech industry and a smart city project with the Financial Supervisory Service, the Financial Services Commission and Seoul City, and is currently preparing a Korean delegation visit to London. According to the MOU, the company is to work together with the other parties in order to turn Seoul into an Asian startup hub and the center of the creative economy.
In addition, the company is working on the tentatively titled Fintech Roundtable, participants of which are to include the Korean financial authorities, Korean financial institutions and startups in the fintech sector. The idea is to deal with issues in the industry in real time by means of the official consultative body.
In the meantime, a total of US$620 million was invested in London, a city leading the development of financial technology, with regards to the technology last year. The amount more than tripled compared to three years ago.