35 Companies Raised 173.7 Billion KRW in Investment at This Year's Korea Fintech Week

[Asia Economy Reporter Song Hwajeong] At the 4th "Korea Fintech Week 2022" held last September, 35 companies secured investments totaling 173.7 billion KRW.

On the 8th, the Financial Services Commission announced that over 7,500 people visited Korea Fintech Week 2022, held from September 28 to 30, and a total of 35 fintech companies attracted investments amounting to 173.7 billion KRW. The scale of investment increased by 30% compared to the previous year.

At the IR competition involving 6 fintech companies and 8 investment firms, Fintubi, which operates a supply chain finance platform in the Southeast Asian market, won first place and secured a total investment of 3 billion KRW. Additionally, 65 fintech companies and 18 investment firms conducted a total of 72 investment consultations, among which 34 companies secured investments totaling 170.7 billion KRW.

Through fintech employment mentoring involving 16 companies, 181 fintech job consultations were provided to young job seekers such as high school and university students.

A total of 157 ideas were submitted to the fintech idea contest, and 16 outstanding ideas were awarded. The grand prize was awarded to Underwriter, which provides a service that calculates insurance premiums tailored to customers' health conditions using machine learning. The grand prize winner team received a prize of 25 million KRW, five teams winning excellence awards received 10 million KRW each, and ten teams winning encouragement awards received 2.5 million KRW each. They were also provided with special benefits for idea commercialization, including business support, employment and startup support, investment support, and education support.

A total of 50 organizations, including embassies from 28 countries, international organizations, and overseas fintech companies, participated to create opportunities for fintech companies to expand overseas. The global promotion hall set up two booths and 19 consultation desks for overseas organizations to introduce overseas investment attraction support projects and conducted over 80 consultations.

This Korea Fintech Week 2022 was held as a fully open event for the first time in three years since COVID-19. During the event, the following were held: ▲Opening ceremony and keynote speeches ▲Fintech policy briefing ▲12 fintech-themed seminars ▲Fintech education ▲Exhibitions of fintech services by fintech companies and financial institutions.

A Financial Services Commission official stated, "We plan to reflect the various opinions and demands presented at this Fintech Week in future policies related to fintech revitalization, investment attraction, and job creation in a multifaceted manner."

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