“Crowd Funding is Indispensable for Turning Brilliant Ideas into Business Items”

Financial Services Commission chairman Shin Je-yoon emphasized the importance of crowd funding for creative entrepreneurs.

He visited the Seoul office of the Korea Exchange (KRX) on Dec. 2 to check up on the progress of its policy for the Korea New Exchange (KONEX). There, he added that he would try for the revision to the Capital Market Act tabled in June last year to pass the National Assembly in the shortest time possible to allow the introduction of crowd funding.

Crowd funding is defined as financing from random people by means of social networking and the Internet. In the financial market, it is regarded as an effective financing tool for small venture firms.