Frost & Sullivan announced on Wednesday it has signed a Memorandum of Understanding with the Seoul Metropolitan Government (SMG) to support activities such as commercialization, investment promotion, support for the advancement of Korean fintech startups into the global market. According to Frost & Sullivan, the collaboration with SMG also aims to help startups accelerate the pace of their market commercialization. Under this agreement, Frost & Sullivan will also assist in uncovering potential overseas fintech startups and hold joint events of mutual interest with the Seoul Fintech Lab.
Shivaji Das, Asia-Pacific Partner in Charge of Frost & Sullivan, stated Frost & Sullivan was well-placed to assist SMG, given the company’s strong track record and expertise in Fintech. With its global presence, broad industry coverage and strong business network, the company is able to actively work with other key partners in building a converged development platform that can accelerate new startups towards transformational growth. Das then shared:
“We are honoured to be partnering with the Seoul Metropolitan Government to contribute towards the overall growth of the Fintech ecosystem in Korea. Through our combined efforts, we hope to help drive innovation and help startups develop amidst the rapidly evolving market environment.”
Frost & Sullivan also revealed that it works with their clients to execute Fintech projects and have also developed several Fintech-related reports under their global FinVision research subscription incorporating the relevant research from 4 different core groups; Digital Transformation, Banking & Financial Services, Visionary Innovation Group and TechVision. The company added:
“The Seoul Fintech Lab is an initiative by the Seoul Metropolitan Government to develop the Korean fintech ecosystem by equipping Korean fintech businesses with the necessary skills, knowledge and resources to succeed globally. The lab is also set to be an incubator for new startups.”