Jeonbuk Province Selects 10 Companies for Fintech Industry Development Support

Jeonbuk Province Logo. Photo by Jeonbuk Provincial Government

[Asia Economy Honam Reporting Headquarters Reporter Kim Tae-in] Jeonbuk Province and Jeonbuk Creative Economy Innovation Center (Director Park Kwang-jin) announced on the 28th that they have selected 10 companies to participate in the 'Financial Innovation Venture Startup Support Project' to foster the fintech industry in Jeonbuk.

The 'Financial Innovation Venture Startup Support Project' is a project implemented by Jeonbuk Province to nurture startups with fintech and other financial innovation technologies and establish a global financial ecosystem and finance-specialized industry base, in line with the government's policy direction to foster innovative finance and enhance economic growth potential.

Following the pilot project last year that supported six companies, the province plans to expand the number of supported companies to 10 this year.

A total of 43 startups participated in the recruitment process that began on the 16th of last month, and after the first document screening and the second presentation evaluation, a total of 10 companies were finally selected.

The selected companies include innovative firms such as JaeiSoft (robo-advisor), Vivatone (blockchain), FingerIS Co., Ltd. (AI-based RegTech), and Palbaekmeter (InsurTech).

These companies will receive benefits of up to 50 million KRW per company, including free provision of startup space, commercialization support (prototype production, marketing expenses support, etc.), and customized mentoring support.

The province and Jeonbuk Creative Economy Innovation Center plan to sign agreements with the selected companies in early May and hold a project briefing session to provide information on overall project operation and startup incubation space occupancy.

Additionally, through linked projects with fintech specialized institutions (Korea Fintech Support Center, Korea Internet & Security Agency) that recently signed business agreements with the province, it is expected that the fostering of fintech companies in the province will gain further momentum.

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