The Financial Services Commission announced on November 6 that the authorities have selected 10 innovative fintech businesses as the first batch of the ‘K-Fintech 30’ program, which aims to provide comprehensive funding and consulting support to a total of 30 outstanding fintech firms selected until 2025.

For this round, the selected fintech businesses are Moin, Village Baby, SentBe, C&Tech, Akros Technologies, Aizen Global, Aims, Fount, Fin2B and Hanpass.

At this round of selection for ten businesses, a total of 52 promising fintech firms competed to secure a spot, and the selection results have been drawn from a thorough review on the innovativeness and growth potential of their business models assessed by an expert committee.

On average, the selected fintech firms were found to be in operation for 6.6 years, had annual earnings of about KRW5.55 billion, employed 57.1 persons and secured KRW18.0 billion in investment (as of July 2023).

The selected fintech businesses will be able to benefit from a series of scale-up assistance programs, including various policy funding support opportunities, relevant financing services offered by individual financial companies, greater opportunities to secure investments and pitch their business ideas through IR events, fintech-focused counseling and support for overseas business expansion.

More specifically, they will be eligible to receive various preferential lending benefits offered by policy financial institutions, such as reductions in interest rates and guarantee fees.

Individual financial companies are also planning to provide support packages linked with their own fintech lab programs. The Korea Growth Investment Corporation and D-Camp will provide assistance to match innovative fintech businesses with investors and help them with IR opportunities. Lastly, the 10 selected fintech firms can also take advantage of other supports made available, such as consulting support for those applying for the financial sandbox program, assistance with fintech business infrastructure (IT security, cloud, etc.) and support for overseas business expansion.

* Please refer to the attached file for details.