Gibo and Industrial Bank Sign Agreement on Technology Transactions and Protection

by Kim Chulhyun

Published 18 Apr.2023 10:04(KST)

Preferential Guarantee Worth 100 Billion Won to Promote Technology Transactions and Protection

Kim Jong-ho, Chairman of the Korea Technology Finance Corporation (left), and Kim Sung-tae, President of the Industrial Bank of Korea, are posing for a commemorative photo after signing the agreement.

The Korea Technology Finance Corporation (Chairman Kim Jong-ho, hereinafter referred to as Kibo) announced on the 18th that it has signed a "Financial Support Agreement for Technology Transactions and Protection of Small and Medium Enterprises" with the Industrial Bank of Korea (President Kim Sung-tae, hereinafter referred to as IBK). Both institutions have prepared the first preferential guarantee product among financial institutions to promote balanced development of the national economy and create sustainable innovative growth through technology transactions and protection of small and medium enterprises.

Through the agreement, Kibo will support a total of 100 billion KRW in preferential guarantees using 5 billion KRW of special contributions from IBK. Kibo plans to actively support the innovative growth of SMEs by reducing financial costs, such as ▲increasing the guarantee ratio (85%→100%) and ▲reducing guarantee fees (by 0.3 percentage points). In addition to preferential guarantees, Kibo will cooperate with IBK in various areas including long-term and low-interest guarantees, business normalization guarantees, and guarantees to promote facility investment.

This special contribution agreement guarantee will be provided as an "Intellectual Property (IP) Acquisition Guarantee." This is a specialized product of Kibo that supports funds required for the acquisition and commercialization stages of intellectual property to promote IP commercialization.

The support targets are ▲companies that have acquired external technology and companies commercializing the acquired technology ▲companies using Kibo's comprehensive technology protection support programs such as technology trust, technology escrow, and technology data transaction record registration system ▲technology protection leading companies under the Ministry of SMEs and Startups' "Technology Protection Leading Company Development Project."

Kim Jong-ho, Chairman of Kibo, said, "Kibo has continuously strived for technology transactions and protection of SMEs through the operation of the technology transaction platform Smart Tech Bridge and the technology protection platform Tech Safe. Taking this agreement as an opportunity, we will make further efforts to ensure that SMEs successfully commercialize acquired technologies and safely protect their owned technologies without concerns of technology theft."