Busan City Nurtures Stars of Fintech Future Finance! ... Signs 'S-Space Business Agreement'

Published 26 Apr.2022 10:19(KST)

Busan City Hall.

[Asia Economy Yeongnam Reporting Headquarters Reporter Hwang Du-yeol] To nurture future new industries and fintech small and medium-sized enterprises, Busan City, Busan Chamber of Commerce and Industry, and the Global Fintech Industry Promotion Center are joining hands.

On the 26th, the city signed the ‘S-Space Business Agreement’ with the Busan Chamber of Commerce and Industry and the Global Fintech Industry Promotion Center at the Busan International Financial Center (BIFC) to foster the fintech industry.

Busan City and others will jointly promote ▲ establishment of shared office spaces ▲ support for rent and recruitment costs for high-quality talent ▲ networking opportunities with Chamber of Commerce member companies and investor relations (IR) presentations to create a business environment for fintech SMEs that will be the backbone of the region’s future finance.

‘U-Space (Unicorn-Space)’, a tech-based startup support hub established in the Busan International Financial District in October 2019, houses 49 companies as of April this year. The number of employees reaches about 450, showing the growing demand for office space among Busan companies.

Accordingly, the city established a new corporate support platform called ‘S-Space (Star-Space)’ at the Chamber of Commerce and Industry. The platform includes four offices, two meeting rooms, and one community space.

Four companies, including InSystem, JiinPlus, Janda, and GMC Labs, are scheduled to move into the platform in May.

The city and others plan to create a stable corporate support environment to enable rapid growth by supporting revenue and job creation of resident companies through the integrated ‘Busan Fintech Hub’ combining ‘U-Space’ and ‘S-Space’.

Jang In-hwa, chairman of the Busan Chamber of Commerce and Industry, said, “The Chamber of Commerce provided investment opportunities to companies through the Startup 99℃ event held last year,” adding, “This year, we expect to actively support financial investment and management know-how transfer centered on S-Space.”

Kwon Ki-ryong, director of the Global Fintech Industry Promotion Center, said, “‘S-Space’ and ‘U-Space’ will be a catalyst for the growth of Busan’s fintech SMEs,” and added, “We hope the companies that grow through the platform will become an engine to elevate Busan as a global financial hub.”

Mayor Park Hyung-jun said, “We will spare no continuous support until the day Busan becomes the center of international finance.”