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Writer Invest Seoul Day18-07-20 17:15 View824


Seoul Metropolitan Government to Cooperate with Fintech Powerhouse Luxembourg for the Overseas Expansion of Startups


On July 2nd (Mon), Seoul Metropolitan Government signed a Memorandum of Understanding with Luxembourg House of Financial Technology (LHoFT) for the cities’ cooperation in the development of their fintech industries, including the implementation of financial regulations and startup support policies, at Seoul Startup Hub (Gongdeok-dong, Mapo-gu).


Located in the center of Europe, Luxembourg is known as one of the world's fintech powerhouses. Prime Minister of Luxembourg Xavier Bettel, Representative of the LHoFT Board Nicolas Mackel and other representatives visited Seoul and agreed to promote cooperation on the advancement of financial technology and the overseas expansion of the enterprises of the two countries between ‘Seoul Fintech Lab,’ located in Seoul Startup Hub, and ‘Luxembourg House of Financial Technology’ in order to facilitate the development of the fintech industry.


Under the MOU, the two institutions will engage in a strategic partnership, sharing recent trends on innovative financial services and products or financial restrictions, and promote active interaction between financial institutions, startup supporting organizations and academia in the two cities.


Meanwhile, Seoul Fintech Lab (opened April 3rd) is the first fintech startup fostering institution founded by a local government, and is located in the Annex Building of Seoul Startup Hub. Currently 27 potential entrepreneurs and domestic/international startups actively engage in business activities in the Lab, supported by 33 partners including Fintech Center Korea.


Taking the signing of the MOU as a great opportunity, Seoul Metropolitan Government plans to absorb the expertise of Luxembourg by adopting innovative financial technologies, and will support Korean fintech startups in their efforts to actualize innovative ideas and enter the European market,” exclaimed Tae-hee Kim, the Economic Planning Officer of Seoul Metropolitan Government.


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