Recruiting 20 New Startups for Fintech Ecosystem 'Seoul Fintech Lab'

Last Year: 61.7 Billion KRW Investment Attraction, 70 Billion KRW Sales, 1,020 New Jobs Achieved
Recruitment Starts from the 3rd, Online Business Briefing on the 21st

[Asia Economy Reporter Lim Cheol-young] The Seoul Metropolitan Government announced on the 3rd that it will recruit 20 companies to move into ‘Seoul Fintech Lab,’ the largest fintech startup specialized space in Korea, located in Yeouido, the financial hub. Resident companies will be provided with independent office spaces for up to two years, along with customized growth programs tailored to each company.

Seoul Fintech Lab operates across six floors (4th, 5th, 6th, 8th, 17th, and 19th floors) within WeWork Yeouido Station, covering a total area of 11,673 square meters. Currently, 94 fintech startups from both domestic and overseas markets (68 domestic, 26 overseas) are residing there.

The 96 resident companies of ‘Seoul Fintech Lab’ achieved total sales of 70 billion KRW and secured investments totaling 61.7 billion KRW in the past year (as of the end of 2020), amid the prolonged COVID-19 pandemic and the growth trend of non-face-to-face industries such as digital finance. The total employment of resident companies reached 1,020 employees, demonstrating significant achievements not only in sales but also in new hiring and investment attraction.

Seoul City is recruiting about 20 companies to move in July. The recruitment announcement can be found from 10 a.m. on the 3rd on the Seoul City website (www.seoul.go.kr) and the Seoul Fintech Lab website (www.seoulfintechlab.kr), and applications will be accepted online only until the 4th of next month. To assist applicants, Seoul City will hold an online business briefing session on the 21st for pre-registrants, explaining the support procedures, schedule, and details. The pre-registration link can be found in the announcement on the Seoul Fintech Lab website (www.seoulfintechlab.kr).

Resident companies will be provided with independent office spaces for up to two years. Various corporate growth programs will be supported according to the company’s growth stage, including incubation through fintech specialized operators, education and mentoring by field experts, IR (investment presentations), networking with domestic and international financial institutions, and support for overseas expansion.

Kim Ui-seung, Director of Economic Policy, stated, “Seoul City will focus on nurturing promising fintech companies based on new technologies centered around ‘Seoul Fintech Lab,’ the first of its kind established by a local government, so that they can gain competitiveness in the global market and ultimately contribute to the competitiveness of Korea’s financial industry. We will develop Seoul Fintech Lab, the largest in Korea, into a ‘fintech startup hub’ that the world pays attention to, enhancing Seoul’s financial competitiveness and making Yeouido the center of financial innovation.”

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