Blockchain And FinTech Innovation Fund Planned By Seoul Metropolitan Government

News | January 5, 2019 By:

The Seoul Metropolitan Government is planning to set up an innovation fund that will invest in seven sectors, including blockchain.

On Thursday, the Seoul government announced that it will launch a ₩131 billion ($117M USD) innovation fund in the first half of 2019 to create jobs and accelerate economic growth in the region. The fund will intensively invest in startups, venture companies and small and medium scale enterprises (SME) that are developing solutions in seven areas such as blockchain, FinTech, and biotechnology, among others.

“The funds strategically created by the Seoul Metropolitan Government will be the ‘adventure capital’ investing in new suits and innovative companies, and the municipalities will be at the forefront of supporting innovation and creating an active entrepreneurial ecosystem,” the Seoul Economic Promotion Department said. “We will support the spread of job creation through customized programs such as development, commercialization and global advancement.”

The announcement of the planned innovation fund came after Park Won-soon, the mayor of Seoul, revealed a five-year plan to invest $108 million to develop the South Korean capital as a smart city powered by blockchain. The government plans to initially use blockchain to protect part-time workers who don’t have labor contracts or are not covered by employment insurance.