Non-face-to-face Industry Cultivated in the Era of Coronavirus in Seoul Fintech Lab

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The Seoul Metropolitan Government (SMG) will be expanding the scale of 鈥淔intech Lab Seoul,鈥 established and operating in Yeouido鈥攖he financial center of the city鈥攁s the nation鈥檚 largest fintech hub in order to accelerate the non-contact financial industry鈥檚 growth in the post-coronavirus era.

The SMG will be drastically expanding the space of Fintech Lab Seoul from 4 to 6 floors to be able to house 100 companies (1,000 workers), about 40% more than the current number, and the gross area will be expanded to 12,000 m2. Presently, Fintech Lab Seoul is home to 70 companies (46 domestic and 24 foreign), totaling 600 workers.

Fintech Lab Seoul is now being operated in WeWork (Yeouido Station Branch) on a gross area of 7,782 m2 (4th, 5th, 6th, and 8th floors). It opened in July 2019 on a single floor and was expanded to four floors in October following the integration of Fintech Lab Mapo.

The SMG has plans to improve the non-contact financial industry and nurture Fintech Lab Seoul as the world-class fintech hub by making domestic and foreign excellent companies in non-contact fields, such as security and verification, move in to the newly expanded space.

The SMG explained that despite the economic stagnation, companies stationed in Fintech Lab Seoul are drastically growing in not only sales but employment and investment attractions. As the demand for additional move-in is constantly increasing, inquiries from new companies about moving in continue to be made.

The SMG will recruit 30 companies that will newly move in Fintech Lab Seoul in October. Among them, five companies will be foreign ones.

Applicants should submit application forms by Sep. 11 and those that passed the through document review will be informed via email on Sep. 18. The in-person interview will be held on Sep. 21鈥22. Final successful candidates will be informed via email on Sep. 24. Eligible applicants are companies with more than four workers that have attracted over KRW 100 million of investment and made over KRW 100 million in sales. The number of employees, investment attraction performance, and sales will be considered during selection.

The selected companies will be provided with the independent office for up to two years. Additionally, they will be offered various cultivation programs for companies according to their stage of growth, including incubation from fintech expert operators, training and mentoring by experts in each field, investor relations (IR), networking with domestic and foreign investment companies, and support for entering foreign markets.

The SMG will hold online/offline briefing sessions on Aug. 27鈥28 to explain the application procedures, schedules and other details for the convenience of the applicants.