The Korea Technology Finance Corporation (Chairman Jong-ho Kim, hereinafter referred to as “KIBO”) announced on the 19th (Thursday) that it will open its first overseas branch, the “Singapore Branch,” in Singapore’s Central Business District (CBD) and begin providing systematic technology financing support to small and medium-sized and venture companies advancing globally.
The establishment of Kibo's overseas branches is a key achievement of the global business expansion strategy that has been pursued so far, and was promoted to strengthen the connection between overseas companies and overseas investors, especially in Southeast Asia, and to establish a close financial support system to expand overseas expansion of domestic small and medium-sized and venture companies.
Singapore is a financial and industrial hub in Asia and a mecca for deep tech fields such as artificial intelligence, semiconductors, and bio, and is evaluated as an innovation base for global expansion and scale-up. Kibo plans to open its first overseas branch here and take the lead in creating a global ecosystem for small and medium-sized and venture companies.
On this day, about 100 people including local government officials, related organizations, and businesspeople attended the opening ceremony to celebrate the opening of the Singapore branch. Kibo prepared the opening ceremony program including ▲(Part 1) presentation of technology finance plan to support overseas expansion companies ▲(Part 2) IR of excellent technology companies ▲(Part 3) discussion of development strategy of the Singapore branch, and presented the role of technology finance and global expansion strategy.
First, Kibo introduced the vision and strategy of the Singapore branch centered on a comprehensive support system to promote overseas expansion of domestic small and medium-sized enterprises through the announcement of its technology financing plan, and announced plans to establish the Singapore branch as a global hub for technology financing beyond a simple overseas base.
At the event that followed, a joint IR was held with Korea Venture Investment to attract overseas VC investment for ASEAN companies. On this day, domestic deep tech companies such as Palette Co., Ltd., Rodin Co., Ltd., First Biotherapeutics Co., Ltd., Inex Corporation Co., Ltd., Autonomous A2G Co., Ltd., and Cellac Bio Co., Ltd., which are pursuing global scale-up, participated in the IR and conducted investment pitching and sought investment attraction opportunities through networking and consultation with local VCs. This IR is the first case jointly promoted by Kibo, an affiliate of the Ministry of SMEs and Startups, and Korea Venture Investment, and they plan to develop it into a model for attracting Singaporean VC investment through collaboration utilizing the expertise and networks of both organizations.
In addition, Kibo signed a business agreement for “Jump into SEA” with Shinhan Bank, which has a global financial infrastructure in the region. Through this agreement, the two organizations agreed to ▲promote joint financial support for companies advancing into Southeast Asia ▲cooperate in technology-based evaluations ▲strengthen global network connections. Through this, they plan to provide rapid and practical support to technology SMEs and venture companies in the early stages of overseas expansion.
Ambassador to Singapore Hong Jin-wook, who attended the event, said, “This year is a meaningful year as we mark the 50th anniversary of diplomatic relations between Korea and Singapore. As both countries are pushing to establish a strategic partnership following Prime Minister Lawrence Wong’s visit to Korea at the end of the year, the opening of Kibo Singapore branch is all the more meaningful.” He added, “The embassy will continue to provide full support across diplomatic and administrative areas to help Korean SMEs and venture companies build a stable foundation locally and expand their global networks.”
Kim Jong-ho, CEO of Kibo, said, “Through the establishment of the Singapore branch, Kibo has laid the foundation to practically support the overseas expansion of domestic SMEs and venture companies,” and “We will continue to expand cooperation with global financial institutions, local VCs, etc. and do our best to support promising SMEs and venture companies with technological prowess to grow further in the global market.”
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