Eun Sung-soo "8 Trillion Growth Support Fund to Expand to 15 Trillion Scale-up Fund by 2022"

Eun Sung-soo, Chairman of the Financial Services Commission (Photo by Yonhap News)

[Asia Economy Reporter Kim Hyo-jin] Financial authorities will expand the 8 trillion won-scale 'Growth Support Fund' established by the end of this year into a 15 trillion won-scale 'Scale-up Fund' by the end of 2022.

They also plan to broaden the scope of issuing companies for crowdfunding to include startups and venture companies, and increase the limit from 1.5 billion won to 3 billion won annually.

Financial Services Commission Chairman Eun Sung-soo announced these plans in a congratulatory speech at the 'Next Rise 2020, Seoul' event held on the 23rd at COEX in Samseong-dong, Seoul.

Chairman Eun also stated, "We plan to re-examine innovative finance tasks and promote them more actively and swiftly so that finance can be a solid foundation for companies' challenges and innovations."

Accordingly, financial authorities will fully launch the 'Innovative Companies National Representative 1000' program, jointly promoted with related ministries such as the Ministry of Trade, Industry and Energy, the Ministry of SMEs and Startups, and the Ministry of Health and Welfare.

They plan to select 20 companies next month and 200 companies within this year, providing multifaceted financial support tailored to the companies' business age and funding needs.

Chairman Eun promised, "No matter how much money is in the market, it is useless if it does not reach my hands," adding, "We will carefully oversee the execution stage to ensure that various policy support programs genuinely help innovative companies in need of funding."

Hosted by KDB Industrial Bank and the Korea International Trade Association, this event is the largest startup fair in Korea, with 185 startups participating and conducting conferences and other activities.

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