Busan City Holds '2023 Busan Fintech Hub Performance Sharing Meeting'

April 15, 4 PM at Busan International Finance Center, Over 100 Fintech Hub Resident Company Representatives Attend

20 Fintech Startups Selected and Certified, Support for Business Advancement and Promotion of Sustainable Ecosystem Expansion

On the 15th at 4 p.m., Busan City will hold the 2023 Busan Fintech Hub Performance Sharing Meeting at the Busan International Finance Center.

Busan Fintech Hub Performance Sharing Meeting Invitation (Draft).

The ‘Busan Fintech Hub’ collectively refers to ‘U-Space,’ a specialized nurturing space for fintech startups established by the city in 2019 at the second phase of the Busan International Finance Center (BIFC), and ‘S-Space,’ which was expanded and opened last June at the Busan Chamber of Commerce and Industry as a scale-up growth space for fintech startups.

As a corporate nurturing platform, it supports customized professional development programs tailored to each growth stage, including ▲operation of a financial big data lab ▲corporate marketing and consulting ▲professional developer training programs ▲business commercialization for corporate scale-up, with over 40 fintech companies residing and concentrated here.

This event is intended to encourage the growth of startup companies residing within the Busan Fintech Hub and will proceed with ▲sharing corporate achievements ▲‘B-Fintech 20’ company certification ceremony ▲a lecture by Kim Min-cheol, CEO of Yanadoo ▲resident company teamwork challenges and networking.

About 100 people, including representatives from resident companies in ‘U-Space’ and ‘S-Space,’ are expected to attend.

In particular, this year’s event will add significance by holding the ‘B-Fintech 20’ company certification ceremony, which the city has prepared for the first time.

‘B-Fintech 20’ is a project that selects and certifies 20 Busan fintech startups that have achieved standard growth performance in business models, sales, investment, and employment over five years from 2024 to 2028, supporting these companies’ business advancement and promoting the expansion of a sustainable fintech industry ecosystem.

At this performance sharing meeting, three companies will be certified as the first certified companies, and from next year, business support incentives, corporate consulting, and collaboration with related organizations are planned for selected companies.

The city expects this certification system to attract corporate growth momentum and lay the foundation for establishing a virtuous cycle in the fintech hub ecosystem.

Since its opening in October 2019 until this year, the cumulative number of companies residing in the Busan Fintech Hub is 86. The cumulative sales of these companies are estimated at 169.7 billion KRW, with 1,603 employees, and the scale of secured investment and financing has dramatically increased from 3.9 billion KRW in 2020 to 43.8 billion KRW this year, achieving remarkable growth in a short period.

In particular, more than five companies have increased their sales by over 1 billion KRW compared to 2022, and through collaborations with Korea Housing Finance Corporation, BNK, Korea Development Bank, and selection of five companies for TIPS, these companies are showing various growth trends.

Mayor Park Hyung-joon stated, “Over the past four years, Busan’s fintech companies have achieved remarkable results. This means that the Busan Fintech Hub has entered a stage where it functions not only as a simple corporate cluster but also as a startup growth platform. We look forward to the full-scale growth of Busan’s fintech industry, and our city will spare no support for the fintech sector, which creates new growth engines for Busan. With pride that the future of Busan’s fintech industry begins at the Busan Fintech Hub, we will expand collaboration and networks with former public institutions and various financial-related companies, ensuring that the Busan Fintech Hub plays a pivotal role in Busan’s development as a financial center.”

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