Recruiting 20 Innovative Companies for 'Seoul Fintech Lab' Residency

Providing up to 3 Years of Space for Domestic and International Fintech Startups, Customized Support for Consulting, Investment Attraction, and Overseas Expansion

[Asia Economy Reporter Lim Cheol-young] The Seoul Metropolitan Government announced on the 1st that it is recruiting 20 innovative companies to move into ‘Seoul Fintech Lab,’ the largest fintech startup incubation center in Korea.

Located in Yeouido, the financial hub, Seoul Fintech Lab currently houses a total of 85 fintech startups, including 69 domestic and 16 overseas companies. In 2021 alone, it achieved KRW 104.3 billion in investment attraction, KRW 119.9 billion in sales, and created 843 new jobs. Since its establishment in October 2017, the cumulative total of resident companies’ investment attraction has reached KRW 201.9 billion, sales KRW 220.8 billion, and new employment 1,754 people as of last year.

Applications for new resident companies are open from the 2nd to the 31st, with 20 companies to be selected. Any domestic or foreign startup in the fintech sector with innovative business models or items can apply if they meet criteria such as investment attraction and employment status. Recruitment Type 1 requires startups established within 7 years, with at least KRW 100 million in investment attraction, annual sales of KRW 100 million or more, and at least 5 employees. Type 2 requires startups established within 3 years and fewer than 5 employees. Type 2 was introduced in 2020 to expand support for early-stage fintech startups.

Selected fintech startups can use office space for up to 3 years. During the residency period, fintech-specialized startup incubating support programs such as commercialization, investment, marketing, technology development, legal and patent services, and promotion are provided according to each company’s growth stage. Investment attraction and overseas expansion are supported through connections with large corporations and financial institutions.

Meanwhile, Seoul Fintech Lab will hold an online business briefing session for pre-registered applicants starting on the 18th to address companies’ questions about residency and support programs and provide sufficient information on application procedures, schedules, and support details.

Startups wishing to move in can apply online through the announcements section on the Seoul Fintech Lab website within the application period. Resident startups will be selected through a first-round document evaluation (business model and capability) and a second-round face-to-face evaluation. Results will be individually announced via email on April 15.

Hwang Bo-yeon, Director of the Seoul Metropolitan Government’s Economic Policy Office, said, “Digital fintech is an essential technology and core competitiveness of the financial industry in the era of the Fourth Industrial Revolution. We will support Seoul Fintech Lab to foster unicorn companies that will lead the Asian financial market and the global financial market.”

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