The Seoul Metropolitan Government announced on the 18th that companies operating in the "Seoul FinTech Lab" have achieved cumulative sales of 27.6 billion won in seven months. In addition, 36 companies have hired 125 new employees.
The Seoul FinTech Lab is currently operating with a total floor area of 7,782 square meters in WeWork's Yeouido Station branch. It started with one floor when it was opened in July 2019 and expanded to four floors in October with the integration of the existing Mapo FinTech Lab.
There are 614 people from 70 companies including payment settlement, artificial intelligence, and P2P loans. There are also various business areas such as the development of insurance products for platform delivery workers and the conversion of high-interest, medium-interest loans to reduce household debt.
The city explained that 17 out of 70 companies have entered 11 countries, including the United States (4), Japan (4), Singapore (2), and Vietnam (5). These companies have set up overseas branches or local subsidiaries to make full-fledged inroads into foreign markets or have signed MOUs to explore global markets.
AVEapp, which provides private financial and investment messenger "MoeME" among the tenants, established a subsidiary in Vietnam in November and laid the foundation for exploring Southeast Asian markets. FinTech security certification startup Winning Eye has signed MOUs and solution licensing agreements with Singapore, Indonesia, and Vietnam companies.
Thirty-nine companies, more than half of them, succeeded in attracting investment at home and abroad, and the total amount of investment attracted surpassed 30.8 billion won.
The city aims to accelerate the overseas expansion of tenant companies this year. We plan to strengthen cooperation with related agencies and universities so that it can lead to the competitiveness of the FinTech industry, and focus on expanding links with excellent acceleration programs overseas, said Kim Eui-seung, head of the economic policy division.
Source: Financial News (https://www.fnnews.com/news/202003180903314162)