The Seoul Metropolitan Government announced on the 5th that it will promote the growth of the fintech industry based on the convergence of cutting-edge technologies such as artificial intelligence (AI) and blockchain, and accelerate the fostering of startups that will lead the industry in the future. To this end, the Seoul Metropolitan Government announced that it will recruit 40 companies to move into the 'Seoul Fintech Lab', the largest fintech startup fostering organization in Korea.
'Seoul Fintech Lab' is a fintech startup support facility established by Seoul City in 2018 in the financial center of Yeouido, utilizing its geographical advantages and WeWork space to provide an optimal environment for companies. Since its opening, it has supported the growth of 368 fintech startups, and achieved results such as accumulated sales of KRW 566.5 billion, investment attraction of KRW 405.9 billion, and new job creation of 3,787 people by the third quarter of 2024.
This recruitment is for domestic and international fintech startups, and targets companies in the business area corresponding to the fintech industry that combines finance and information and communication technology. Tenant companies are domestic fintech companies that have been established for less than 7 years, and are provided with a dedicated office for up to 3 years in 1-year increments. Membership companies are domestic and international fintech companies that have been established for less than 7 years, and can move in for up to 1 year in 6-month increments.
The move-in screening is conducted through written and face-to-face evaluations, and the final selection is made through a comprehensive evaluation of technical skills, marketability, growth potential, etc. The move-in contract and move-in information session will be held in April, and move-in is possible from May.
Seoul Fintech Lab provides various support programs to enhance the competitiveness of resident companies. Major programs include financial regulation sandbox, scale-up, overseas expansion support, and license consulting. This year, specialized mentoring will be expanded to support the global expansion of promising fintech companies, including support for obtaining overseas financial licenses and designation of innovative financial services.
Seo Hee-dong, head of Seoul Fintech Lab, said, “Seoul Fintech Lab 2025 will be a place that leads innovation through customized support so that fintech companies can become competitive and leap forward in the global market,” adding, “We look forward to the participation of many fintech companies with innovative ideas.”
The recruitment period is from February 4 to March 7, and applications can be submitted through the Seoul Fintech Lab website . In addition, detailed information regarding the support program can be found through the online pre-briefing session held at 3:00 PM on February 19.
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