17 Seoul Fintech Lab Resident Companies Expand into 11 Countries Worldwide

Sales of 27.6 Billion KRW and Creation of 125 Jobs Followed by 30.8 Billion KRW Investment Attraction

Seoul Mayor Park Won-soon is giving a greeting at the opening ceremony of Seoul Fintech Lab held at WeWork Yeouido Station branch in Yeouido, Seoul on October 29 last year. Photo by Hyunmin Kim kimhyun81@

[Asia Economy Reporter Jo In-kyung] Companies residing in 'Seoul Fintech Lab' in Yeouido, Seoul, which opened last July, are growing by achieving consecutive successes such as entering the global market, creating new jobs, and attracting domestic and foreign investments within just seven months.

According to Seoul City on the 18th, among the 70 fintech companies residing here, 41 companies have recently achieved a total sales revenue of 27.6 billion KRW.

Thirty-six companies created 125 new jobs. The business fields are diverse, including insurance products for platform delivery workers and services converting high-interest loans to medium-interest loans to reduce household debt.

In particular, among these 70 companies, 17 have expanded into 11 countries including the United States (4 companies), Japan (4 companies), Singapore (2 companies), and Vietnam (5 companies). These companies have established overseas branches or local corporations to actively enter foreign markets or signed MOUs to pioneer the global market.

Also, more than half, 39 companies, succeeded in attracting domestic and international investments, with the total investment amount exceeding 30 billion KRW. Investments of 30.8 billion KRW were attracted through AI-based securities information services and shared back-office services handling back-end tasks for asset management companies.

Some companies have taken advantage of Seoul City's administrative infrastructure such as subways and roads as a 'testbed' to seize opportunities for technology verification and business feasibility validation. For example, 'Redpolka' is officially operating after a pilot operation of a simple parking payment service at Seoul Startup Hub.

Seoul City not only provides these Seoul Fintech Lab resident companies with up to two years of residency space but also offers comprehensive support tailored to each company through networking with domestic and foreign large corporations and financial firms, expert mentoring, and investment attraction presentations (IR).

This year, Seoul City plans to accelerate overseas expansion of these resident companies through ▲ linkage with excellent overseas acceleration programs ▲ global commercialization programs to support overseas expansion ▲ collaboration programs with domestic and international fintech-related institutions and universities.

Kim Ui-seung, Director of Seoul City's Economic Policy Office, stated, "We plan to strengthen cooperation with related organizations and universities so that the growth of fintech companies can lead to the competitiveness of the domestic fintech industry, and focus on expanding connections with excellent overseas acceleration programs."

This content was produced with the assistance of AI translation services.