Song Wongang, Former KB Securities Executive Director, Appointed as First President of Daejeon Investment Finance

Innovation and Growth Expected in Local Startup Ecosystem

Lee Jangwoo, Mayor of Daejeon (right), is taking a commemorative photo after presenting the appointment certificate to Song Wongang, the first president of Daejeon Investment Finance Co., Ltd. / Daejeon City

Daejeon City announced the appointment of Song Wongang, former Executive Director of KB Securities, as the first president of Daejeon Investment Finance Co., Ltd. Daejeon Investment Finance is a public investment institution established with 100% capital investment of 50 billion KRW from Daejeon City.

President Song Wongang was recognized for his 29 years of experience in the Investment Banking (IB) sector at financial institutions, including serving as Executive Director at KB Securities and Department Head at Hyundai Securities, during which he established and managed funds totaling approximately 1.344 trillion KRW.

President Song will be responsible for promoting venture investment to help local venture and startup companies grow.

Lee Jangwoo, Mayor of Daejeon, said, "I ask that Daejeon Investment Finance fully plays its role as a leader in investment-driven technology finance, helping to improve the venture investment ecosystem concentrated in the Seoul metropolitan area and supporting the innovative growth of local startups and venture companies."

Meanwhile, Daejeon City plans to apply for designation and public notice of the newly established institution to the Ministry of the Interior and Safety after registering the incorporation of Daejeon Investment Finance Co., Ltd. on the 31st, and to apply for registration as a new technology business finance company with the Financial Supervisory Service in August.

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