NongHyup Bank Signs Business Agreement for Digital Finance Innovation in Venture Fund Back Office

Kwon Jun-hak, President of NH Nonghyup Bank (right), and Lee Myung-ho, President of Korea Securities Depository, are posing for a commemorative photo after signing a business agreement on the 6th.

[Asia Economy Reporter Kiho Sung] NH Nonghyup Bank announced on the 7th that it signed a "Venture Fund Back Office Digital Finance Innovation Business Agreement" with Korea Securities Depository on the 6th.

The venture fund market has grown significantly to a scale of 45 trillion won as of the end of last year, thanks to the government's policies to foster small and venture businesses and the industry's innovation efforts. However, the back office tasks supporting this market have largely been manual processes using fax and other methods, causing inconvenience to market participants such as venture companies and investors.

Korea Securities Depository, after more than two years of preparation, plans to open the venture fund back office digital platform "VentureNet" in October, and Nonghyup Bank also signed a business agreement to simultaneously open the "Next-Generation Securities Custody System" linked to "VentureNet."

The two companies agreed to join forces in promoting the early establishment of "VentureNet" and continuously advancing the digital infrastructure.

President Junhak Kwon of the bank said, "The venture fund market is expected to continue growing thanks to the government's efforts to foster venture companies. Through this business agreement, we will share Nonghyup Bank's experience as the number one custodian of venture funds and Korea Securities Depository's know-how in managing and operating 'FundNet' to lead the digitalization of the venture fund market and cooperate for sustainable development together."

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