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The Seoul Fintech Lab 2 is a startup support facility operated by the Seoul Metropolitan Government. It was established in Gongdeok, Mapo-gu, Seoul, in 2023, to stabilize the growth and global expansion of early-stage startups in the fintech and blockchain sectors. The Seoul Fintech Lab, located in Yeouido, focuses on scale-ups, while the 2nd Lab focuses on early-stage startups within the first three years of business. "The Seoul Fintech Lab 2 is equipped with a variety of infrastructure, including independent offices, meeting rooms, and lounges," said Chae Sung-min, Director of the Seoul Fintech Lab 2 . "We provide multifaceted support for fintech companies to facilitate their early market entry, investment attraction, regulatory response, and global expansion." The interview with Director Chae took place at the Seoul Fintech Lab 2 in Mapo-gu, Seoul.
How would you rate your performance over the past year?
"In 2024, the Seoul Fintech Lab 2 achieved the targeted outcomes of all programs, including support for business stabilization, investment attraction, regulatory and blockchain specialization, and global expansion. The tenant companies generated KRW 11.8 billion in sales, KRW 4.2 billion in investment, 74 new jobs, and 63 intellectual property rights(IPRs). Blockchain academies and seminars have also been organized for the general public, supporting the expansion of the reach and social acceptance of the financial innovation ecosystem. Additionally, we participated in exhibitions in Korea, such as Korea Fintech Week and Seoul Fintech Week, to promote and raise awareness of the Seoul Fintech Lab 2 . We organized the 'Seoul Fintech Lab 2 Demo Day with NAVER Cloud' during Seoul Fintech Week, in conjunction with the 2nd Lab's own demo day, 'Fin2Day,' to support companies in developing market access and attracting investment. We also actively supported global expansion. We took part in the exhibition at the Singapore Fintech Festival 2024 (SFF2024), organized local demo days, and actively supported companies to expand their global market reach."
Your lab is in its third year of operation. What do you focus on in your operations?
"To give early-stage fintechs a growth platform, we focus on acceleration programs and market entry support. In particular, this year, we are implementing several collaborative programs with external institutions and companies, leveraging our geographical location in Gongdeok, Mapo-gu, Seoul. Last May and June, we organized the Financial Regulation Networking and Startup Networking, respectively. Startup Networking is the venue for companies to collaborate, and we'll be hosting three more this year. In addition, we will join the Enabler Corporate Linkage Program, Korea Fintech Week, Seoul Fintech Week, and SFF to support the growth of our tenant companies."
What are the biggest issues for the project this year?
"This year, we're supporting numerous programs that facilitate external collaboration. We are currently running an internship program with Sungkyunkwan University Graduate School. We provide talent to companies and offer experience and opportunities to students. It's a program that has led to job placements, and both companies and students are pleased with it."
What criteria did you use to select the companies for the Seoul Fintech Lab 2 ?
"When selecting companies, we categorized them into two groups: tenants and members. Tenant companies are fintech companies established within the last 3 years, and membership companies are fintech and blockchain companies established within the last 7 years. Our evaluation criteria included the capability of the founders, the technology, and the feasibility of the company, as well as its marketability and growth potential. This year we have chosen 21 new tenants and 16 new memberships. The 2026 tenants will be recruited through a new notice for applications starting in August or September for approximately three months."
What are the benefits for tenant companies?
"Tenant companies receive up to three years of space with an assessment for extension. Membership companies receive the same support for all programs as tenants, except for independent spaces, for up to two years. We strive to provide a range of benefits to early-stage startups, including education and specialized training in business management, consulting, and dedicated mentorship in various fields. Additionally, we offer investment attraction and participation in exhibitions, as well as support for growth, encompassing demo day events and networking opportunities."
What are some of the best practices among companies?
"In the Seoul Fintech Lab 2 , there are many excellent companies, but 'OneLineAI' stands out as a best practice. OneLineAI is a provider of OLA, a comprehensive solution for financial companies to generate AI. After receiving an initial investment of KRW 200 million, the company was selected for TIPS and signed an MOU with a Vietnamese company to go global. The company also excelled in the Seoul Fintech Lab 2 program. It was selected as a participant in the Seoul Fintech Lab 2 's events at SFF2024 last year, attending exhibitions, local demo days, and so on. At the 'Fin2Day (demo day)' held in December last year, the company was recognized for its technology and received an award of excellence. This year, it also secured early enrollment for participation in overseas exhibitions. Additionally, the company has been selected as the 13th IBK Changgong Guro and the 17th NEST of the Korea Credit Guarantee Fund. It is currently undergoing a financial entrustment test by IBK and is collaborating with numerous other financial companies, making it a significant growth case for the Seoul Fintech Lab 2 in terms of securing practical results based on technology and a quick market response."
What are some major programs of the 2nd Fintech Lab?
"Among the various business stabilization programs, we can highlight the mentoring and special lecture programs for enhancing corporate capacity. To help strengthen corporate capabilities, the Seoul Fintech Lab 2 supports a variety of mentoring programs, including self-diagnosis and face-to-face mentoring with the director, regular mentoring, and specialized mentoring for quick response and expert advice when issues arise. Monthly capacity-building trainings are held to strengthen the capabilities of founders and employees, which include business plan writing, understanding venture investment and funds, human resource management, legal knowledge and financial accounting, global expansion strategies, and so on. We have provided training on report writing, business etiquette, Notion, and Figma to improve employees' skills, and they have been highly satisfied every time. In addition, we operate financial regulatory networking and counseling (mentoring) programs to help apply for financial regulatory sandboxes and respond to regulations, as well as public blockchain lectures and blockchain academies to foster blockchain expertise and understanding among ordinary citizens. Our blockchain program covers business trends, policy changes, and more to promote blockchain technology as a technology open to all citizens, and to expand the base and social acceptance of the financial innovation ecosystem. We look forward to seeing everyone who is interested in blockchain."
How do you help companies attract investment?
"Our programs for companies include capacity building for investment attraction, demo days and networking, direct investment by operators, TIPS referrals, and follow-on investment connections. Capacity building for investment attraction encompasses a three-phase IR consulting program, demo days, and networking events designed to facilitate meetings with numerous investors. Outstanding companies can receive support in raising funds through direct investment and TIPS referrals. We will also run an ongoing program of regular IR events to help them attract follow-on investments."
How do you help companies expand globally?
"A major program is our participation in international trade exhibitions. We will be attending SFF2025 this year after SFF2024, which was quite popular last year. Unlike last year, we have increased the number of companies we will support and hope that more companies will use it as a stepping stone to go global. In addition, we run programs to help companies expand globally, including a global strategy report to improve their ability to commercialize, global special lectures to strengthen founders' capabilities, and global IR consulting to design a business model (BM) suitable for the country of entry and secure business plans."
What are your goals for the future?
"Following Seoul City's strategy to foster an international financial hub, the Seoul Fintech Lab 2 aims to develop into a substantial growth hub for early-stage fintech startups and a core base for the digital economic ecosystem. Within the financial triangle belt of Yeouido, Mapo, and Euljiro, the Seoul Fintech Lab 2 is an organization that focuses on discovering and incubating fintech and blockchain-based companies, particularly those established within the past three years. Most of all, the Seoul Fintech Lab 2 provides customized incubation to help early-stage startups succeed in commercialization and establish a foothold in the market, offering a full-cycle support system that extends beyond just providing space. And to help early-stage fintech startups go global, we are working with global financial companies, global VCs, and overseas accelerators to promote Seoul's leap into a global fintech hub. The Seoul Fintech Lab 2 will be a forward base from which Seoul can achieve tangible results in securing global competitiveness through digital financial innovation. In particular, we will establish it as a key infrastructure in the city's financial policy to maximize the chances of success for early-stage fintech companies and help them grow into catalysts for innovation across the financial industry."
reporter jinho lee
jinho2323@hankyung.com
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