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  • Seoul Expands Yeouido Fintech Lab to be the Nation’s Largest Fintech Lab

  • Economy & Investment News SMG 2187

    Seoul Expands Yeouido Fintech Lab to be the Nation’s Largest Fintech Lab

    In October 2019, Seoul Fintech Lab will open in Yeouido, Seoul’s financial district, becoming the nation’s largest space specializing in fintech and expecting to house over 70 fintech companies. The city of Seoul will combine Seoul Fintech Lab in Mapo with the Second Fintech Lab in Yeouido to establish a larger one that will be reborn into a main space for the fintech industry.

    The new Seoul Fintech Lab will have four floors, remodeled from the Second Fintech Lab that had one floor in WeWork Yeouido. It will have not only the office space for over 70 companies, but also spaces for the companies’ development and investment promotion, including meeting rooms, seminar rooms, and a shared lounge.

    Seoul will be selecting 54 companies in the second round of recruitment, following the first round of recruitment in July 2019 through which 16 companies were selected to move into the Seoul Fintech Lab. Applicants should visit Seoul’s website (www.seoul.go.kr) or K-startup’s website (www.k-startup.go.kr) to check the announcements and submit the application form to the 6th floor of WeWork Yeouido (the Second Fintech Lab) by 4 p.m. on August 23.

    The area of recruitment is the fintech industry combined with financial or IT technology. Eligible applicants include Korean or foreign start-ups that are still in their growing stages, were established within the past seven years, have attracted investment of over KRW 100 million, are recording annual sales of over KRW 100 million, and employing more than four employees.

    The selected companies will be provided office space for a year and will be able to extend for another year after a screening in a year’s time. During the move-in period, companies will also be offered various tailored services, including incubating, mentoring, networking with domestic and overseas financial companies, and overseas IR. The city of Seoul will provide the companies with customized services according to their developing stages and goals and support their overseas expansion through the operating company.

    Having opened in July 2019, the Second Fintech Lab is home to 11 domestic companies and 5 foreign companies that are actively running their businesses.