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Seoul Metropolitan Government to Support Nine Fintech Startups Enterin…

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Writer Invest Seoul Day17-09-11 10:17 View349

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Seoul Metropolitan Government to Support Nine Fintech Startups Entering the Market in Singapore

※ City to support market entry in Singapore and local investment attraction for nine fintech startups

※ Singapore-based venture capital (VC) companies showing interest in a number of items including finance AI, Big Data, and financial product comparison platform

※ Seoul City and Marvelstone Group, a Singaporean VC, sign an MOU on the Promotion of Fintech Industry

※ City aims to become the Asian fintech hub, through the overseas expansion of Korean companies and the attraction of foreign investment

Nine promising fintech startups in Seoul, including a security certification system to enhance the safety and convenience of mobile finance, a crowdfunding platform, and an on-line P2P lending platform that provides lower interest loans to clients who would otherwise only be eligible for non-bank high interest loans, will be entering the market in Singapore.

* P2P lending : A debt financing method through which the investor directly invests in the borrower, without the use of an official financial institution

 

Seoul Metropolitan Government announced that the city will be hosting Seoul Startup Pitch Day In Singaporeon September 5th (Tue) (14:00 Local Time) in collaboration with Marvelstone Group, a Singapore-based VC which operates the biggest fintech incubation center in Singapore, with the goal of attracting local investment for the overseas expansion of promising fintech startups from Seoul. Approximately 50 potential investors, including investment companies specializing in fintech, fintech industry officials, banks, and credit card companies will participate in the event.

 

Seoul Startup Pitch Day in Singaporeis an event held to promote Seoul's fintech industry and support overseas expansion and foreign investment attraction by Korean fintech startups. The event consists of briefing sessions held by the startups, and networking and individual meeting sessions with local investors and financial institutes.

* Companies involved : AIZEN (AI Financial Solution), AT Solutions (Security Certification), DNX (Wearable Payment Device), FAYA (Micro Financing), Finda (Financial Product Comparison Platform), Funded (Financial Platform), Box (Big Data Analysis), Honest Fund (Financial Platform), QARA (Robo Advisor)

 

On September 5th (11:00 Local Time), SMG also signed an MOU with Marvelstone Group on Cooperation for the Promotion of the Fintech Industry and Startups to strengthen cooperation related to the promotion of Seoul’s fintech industry and foreign investment attraction for fintech startups.

* Marvelstone Group is a Singaporean VC specializing in fintech investment and acceleration. The company currently operates Lattice80, the biggest fintech incubation center in Singapore.

 

After Seoul Fintech Incubation Center is established, Marvelstone Group will strive to promote Seoul’s fintech industry and attract investment for fintech startups by cooperating with the startups as partners in facilitating their overseas expansion and investment attraction.

*SMG has already launched the construction of a fintech incubation center, a space for fostering fintech enterprises in their early stages, as a way to promote the entire industry. The center is expected to open in 2018.

 

“SMG is trying to establish a favorable business environment for the fintech industry in order to support overseas expansion by Korean fintech enterprises and attract foreign investments, so that these enterprises can grow to be globally renowned,” stated Dae-ho Kim, the Head of SMG Investment Promotion Division. “SMG will make continuous efforts to transform Seoul into the hub of Asia's fintech industry.”

 

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