The South Korean government reportedly set up a help desk in Singapore in January 2020, in order to support Korean Fintech firms, as they continue to expand their business operations into Southeast Asia. This, according to Korea’s financial regulator, the Financial Services Commission (FSC).
The Singapore Venture Desk was launched at the Korea Development Bank’s (KDB) branch in Singapore, which many Korean startups use as a bridge into Southeast Asia’s booming Fintech sector.
KDB’s management noted that the venture desk will assist Korean firms with meeting and networking with investors in the Asia Pacific region.
A KDB representative stated:
“The desk is an overseas version of our KDB NextRound platform which enables startups to introduce themselves to investors.”
“As Singapore is a mecca for the Southeast Asian startup industry, our employee there will connect Korean startups with Southeast Asian investors and help foreign startups attract investments from Korean investors.”
KDB had reportedly sent one of its workers who was managing NextRound to its Singapore-based location in order to lead the Singapore Venture Desk.
The state-owned banking institution says it will be expanding the size of the desk, but it will depend on how well it’s performing.
The FSC also noted that it will launch two new Fintech labs in international markets and conduct investor roadshows in several different nations for promising Fintech startups.
The regulator said it intends to introduce a new platform during the second quarter of 2020 for Fintech companies that are looking for useful information for their global expansion.
South Korea’s Fintech Week 2020 is scheduled for May this year. It will be held at the Dongdaemun Design Plaza, so that local and international Fintech companies can meet with each other and discuss potential opportunities for collaboration.
The number of companies taking part in the event increased from 54 (last year) to 120 this year.
The FSC confirmed that it will continue to support the evolving Fintech sector this year. This involves allocating 19.8 billion won (appr. $16 million) to help develop the Fintech economy and ecosystem.