Hi folks, this is Frank.
Fintech is one of the hottest buzzwords in the financial world nowadays. From easy payment services to iris recognition, fintech industry is expanding aggressively.
At the 8th Fintech Center Demo-day held on Tuesday, a foundation was laid for fintech companies to expand their business to culture and arts sector. Korea Creative Content Agency, Industrial Bank of Korea, and Korea Technology Finance Corporation agreed to closely cooperate to facilitate crowdfunding for businesses and projects related to culture and arts.
According to the agreement, the three organizations will provide business consulting for such companies, and give out loans at lower rates for companies that successfully raised business money through crowdfunding. For a starter, an online game developer Putto Entertainment will receive 1 billion won worth of investment from KCCA and venture capitals.
As FSC Chairman Yim Jong-yong mentioned in his congratulatory speech at the occasion, I hope to see more and more fintech startup entrepreneurs realize their dreams through crowdfunding. Then, fintech industry will be able to follow the successful path of Hallyu centered by K-pop and Korea’s soap operas.