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Writer Invest Seoul Day18-04-18 16:35 View970



'Seoul Fintech Lab,’ which features Korea's 1st Financial Computer Network Testing Environment, Now Open



The Seoul Metropolitan Government has announced the opening of 'Seoul Fintech Lab.’ The lab is expected to serve as an advance base for the Korean fintech ecosystem by helping develop an international level of competence among Korean fintech businesses and promoting the intensive fostering of startups. 27 promising fintech startups that are expected to lead the future of the Korean fintech industry have taken up tenancy in ‘Seoul Fintech Lab,’ and will be provided with systematic mentorship services through partnerships with 33 partner institutions. 

14 fintech startups with 2 foreign fintech startups and 13 potential entrepreneurs are set to move into Seoul Fintech Startup, where they will be provided with fostering programs according to their stage of growth. 

33 domestic partners in 7 fields of commercialization, investment, marketing, technical development, legalpatent, media, and overseas expansion will participate as mentors or trainers in fostering programs including one-on-one mentorships, training sessions, and demo days. The lab will also provide mentorship and investment reviews for tenant startups seeking for foreign expansion, through partnerships with 13 foreign institutions. 


The city will provide customized support for the growth of the tenants of Seoul Fintech Lab. Potential entrepreneurs will receive aid in developing actual business models from their business ideas, while early startups will be assisted in the commercialization of their business models and market launches. As well, growing startups will be provided support in the area of domestic and international IR and investment attraction in order to help fintech startups to grow into the future 'unicorn' companies that will lead the Korean financial industry through the 4th Industrial Revolution.


Meanwhile, Seoul Fintech Lab, the 1st fintech support institution established by a local government, is equipped with a ‘Fintech Test Room’ linked with a financial computer network, providing startups with opportunities to test their business models in a realistic simulation of the financial network environment. Seoul Fintech Lab is the first institution to provide fintech startups with opportunities for general-purpose financial computer network testing.


“Seoul Fintech Lab will greatly contribute to invigorating the domestic fintech ecosystem by fostering fintech startups with high growth potential,” exclaimed Mayor Park Won-soon who added “I expect that all of the tenant startups of Seoul Fintech Lab will grow into 'unicorn' companies of the fintech industry, and lead its development.”



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