Seoul City to Open Second Seoul Fintech Lab in December... Supporting Fintech and Blockchain Startups

Second Seoul Fintech Lab Nesting in Mapo for Customized Support of Early Startup Companies
Recruiting 25 Resident Companies and 16 Membership Companies

[Asia Economy Reporter Lim Cheol-young] The second Seoul Fintech Lab, aimed at supporting startups in the core digital finance industries of ‘Fintech’ and ‘Blockchain,’ will open this December. This expansion comes four years after the opening of the ‘Seoul Fintech Lab’ and focuses on differentiated support for early-stage startups within three years of establishment.

On the 16th, the Seoul Metropolitan Government announced that it will recruit promising startups to move into the second Seoul Fintech Lab by the 28th. The facility spans a total area of 2014㎡ and will house 41 companies, providing close growth support in a membership format. The second Seoul Fintech Lab will open in the Jararm Building of the Police Mutual Aid Association in Dohwa-dong, Mapo-gu, and will consist of 25 office spaces for resident companies, 32 membership lounge seats, shared meeting rooms, and a large conference room.

Any startup with innovative business models or items in the fintech and blockchain sectors can apply. The types of resident companies are divided into two categories: 25 resident companies that can use office space 24 hours a day, and 16 membership companies that use shared office space in a semi-resident form.

Selected resident companies will receive benefits such as ▲ office space usage at affordable rent for up to three years ▲ customized programs for early-stage fintech and blockchain startups including management consulting, investment and marketing, legal advice, and publicity ▲ educational programs to strengthen capabilities in fintech and blockchain sectors.

In particular, to support the blockchain industry, which is emerging as a core technology in the fintech field, a dedicated membership system for blockchain companies will also be operated. Any company established within seven years based on blockchain technology can apply, and selection will be made through document screening and face-to-face interviews, similar to resident companies. Membership companies will have access to the shared lounge and be granted seating rights for up to two people per company in the membership space. Additionally, they can participate in all nurturing programs of the second Seoul Fintech Lab, including technical mentoring and blockchain education, on par with resident companies.

To provide sufficient information about the application process, residency, and support programs, an ‘online pre-briefing session’ will be held on the 22nd for pre-registered applicants. Jung Young-jun, Director of New Industry Policy at Seoul City, stated, “Supporting the growth of promising startups with potential in fintech and blockchain sectors through discovery and nurturing is key to fostering the digital finance industry. We will operate this space to provide tailored support at each growth stage of early digital finance companies, helping many companies with innovative items successfully settle in the market and establish their businesses.”

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