Korea Securities Depository and Korea Growth Finance Sign Agreement to Support Innovative Startup Companies

[Asia Economy Reporter Oh Ju-yeon] On the 17th, Korea Securities Depository and Korea Growth Investment Corporation signed an 'Agreement for Joint Support of Investment Attraction and Scale-up of Innovative Startup Companies' at the Depository's Seoul office.

Lee Myung-ho, President of Korea Securities Depository (left), and Sung Ki-hong, CEO of Korea Growth Finance (right), are taking a commemorative photo after signing an agreement on the 17th at the Korea Securities Depository Seoul office for "Joint Support for Investment Attraction and Scale-up of Innovative Startup Companies."

This agreement was made as part of the 'Crowdfunding Development Plan' announced by the Financial Services Commission on the 16th, aiming to contribute to the activation of the startup ecosystem through front- and back-end support for crowdfunding.

The Depository and Growth Investment Corporation plan to newly establish a 'K-Crowd Fund' worth a total of 20 billion KRW, with each contributing 10 billion KRW, to support startups and activate crowdfunding.

The investment resources of the existing K-Crowd Fund, established in 2016, will be exhausted within this year. The newly established K-Crowd Fund will consider policy support for crowdfunding companies, as well as a 'Regional Venture Investment Fund' for investing in companies participating in the Depository's K-Camp program and regional startups.

IR events to support investment attraction for startups will also be jointly held. Growth Investment Corporation will actively participate in hosting IR events linked with the Depository's K-Camp and the Busan public-private joint coworking space (BIGS), as well as inviting investors.

Through the K-Camp global investment platform, globalization of the venture capital supply system for domestic innovative companies and activation of the domestic crowdfunding market are also expected.

Additionally, the Depository's 'VentureNet' will be revitalized. VentureNet is an integrated platform that computerizes and standardizes related tasks for unlisted companies and fund investment participants (LP, GP, custodian). The Depository plans to open the service in the third quarter of next year. It is explained that through VentureNet, the burden of physical management in the unlisted investment market and the computerization of operation instruction processing will greatly improve work efficiency.

Lee Myung-ho, President of the Korea Securities Depository, stated, "Through the business agreement with Korea Growth Investment Corporation, both institutions will continuously cooperate with the goal of supporting domestic innovative startups and fostering the venture capital market."

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