Record "Establishing as a Comprehensive Support Institution for Innovation Growth Leading SME-Driven Economy"

32nd Anniversary Celebration Ceremony Held

[Asia Economy Reporter Kim Cheol-hyun] The Korea Technology Finance Corporation (Chairman Jung Yoon-mo, hereinafter referred to as Kibo) announced that it held its 32nd anniversary ceremony at its headquarters in Busan on the 1st. In his anniversary speech, Chairman Jung Yoon-mo urged, "Let us establish ourselves as a comprehensive support institution for innovative growth that leads a leading economy of small and medium-sized venture companies through overcoming the COVID-19 crisis and digital innovation."

Kibo presented the following action tasks for this purpose: ▲ playing a leading role in overcoming the COVID-19 crisis and transitioning to a digital economy ▲ strengthening expertise as a specialized technology evaluation institution and leading open innovation ▲ supporting the scale-up of excellent startups and innovative venture companies ▲ performing a key role in response to the Green New Deal and carbon neutrality.

Specifically, to overcome the COVID-19 crisis, Kibo plans to support guarantees worth 24.4 trillion KRW in core sectors. In particular, it will strengthen technology transfer and protection functions, support complex financing combining research and development (R&D), guarantees, loans, and investments, and expand a dedicated carbon neutrality organization to lead green finance.

Kibo was established on April 1, 1989, to promote technology development of small and medium enterprises and facilitate smooth capital supply. It introduced the first technology evaluation system in Korea and has grown the domestic technology evaluation market by supporting 760,000 technology evaluations and guarantees worth 393 trillion KRW since its establishment.

In 2017, with the transfer of supervisory authority to the Ministry of SMEs and Startups, Kibo broke away from the framework of a traditional policy finance institution and grew into a comprehensive support institution for SMEs and startups by promoting various new projects such as technology protection and patent mutual aid.

Chairman Jung said, "We are a unique technology evaluation institution that has pioneered the technology evaluation field that others have not attempted and presented a new model of technology evaluation," adding, "Based on the accumulated technology evaluation capabilities and know-how, we will support the scale-up of innovative companies."

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