KSD Launches 'VentureNet System'... Establishes Integrated IT Network

[Asia Economy Reporter Lee Seon-ae] Korea Securities Depository announced on the 13th that it has completed the development of the 'VentureNet System,' a centralized computerized network linkage project among participants in the venture investment market, and plans to launch the service starting on the 18th.

The goal is to revitalize the venture investment market and standardize and advance the back-office procedures for managing venture investment assets. The Depository has been leveraging the know-how of FundNet, which has been in operation since 2004, to promote the establishment of the VentureNet System since the first half of 2019.

A working group was formed with an industry opinion group to listen to the current status of the industry and gather requirements. After about two and a half years of preparation, including system development and testing, the VentureNet System has been officially opened.

Seo Myeong-wan, Team Leader of the VentureNet Construction Promotion Team at the Korea Securities Depository, stated, "The offline processing method between venture capital and custodians is connected through the centralized network provided by the VentureNet System, shortening processing times and reducing operational risks. Additionally, the previously slightly different business forms for each company are unified, and costs are expected to decrease."

Specifically, it will become possible to digitize paper certificates, and the reconciliation of balances for investment assets between venture capital and custodians will be automated, improving the efficiency of investment asset management tasks.

Furthermore, the automation of operational instructions related to venture investments, which are delivered and processed offline more than 100,000 times annually, is expected to alleviate the excessive workload of custodians.

The Depository explained that it will strive to provide stable service and ensure service quality so that the VentureNet System is firmly established in the industry through continuous cooperation with the venture investment sector.

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