Korea to support venture capital for fintech and blockchain startups

Investing | June 1, 2016 By:

The Korean government has unveiled its plans to support venture capital to finance fintech and blockchain startups, as digital innovation will play a critical role in the fourth industrial revolution.

“With the advent of fintech and ICT-based firms, once-exclusive financial services are evolving into new types of services. As capital markets have large potential in innovation and change, the government will make sure that startups with creative ideas get enough venture capital,” said Financial Services Commission chairman Yim Jong-yong.

Yim added that the government will help nurture a giant investment bank to invest in venture capitals.

His remarks came at the Korea Capital Market Conference 2016, the second annual event organized by major financial institutions including Korea Exchange, Korea Financial Investment Association, Korea Securities Depository and Korea Securities Finance Corp.