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Apr 17, 2020
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Apr 16, 2020
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Apr 13, 2020
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Apr 13, 2020
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Apr 10, 2020
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Apr 09, 2020
- Fintech Innovation Fund to Invest More than KRW85.5 billion in Fintech Firms in 2020
- The FSC announced on April 9 that the fintech innovation fund created in December 2019 will be put to use with direct investment expected in the amount of KRW20 billion in April this year. With many fintech firms expected to have troubles finding investment amid the COVID-19 pandemic, the FSC will continue to encourage effective and prompt investment through the fintech innovation fund.BACKGROUNDThe fintech innovation fund in the amount of KRW300 billion for a 4-year period (2020-2023) was created on December 23, 2019, led by major financial holding companies, banks and Koscom, to make more funding for investment available for innovative fintech firms. It is a fund of funds that provides tailored investments to fintechs from start-up to scale-up stages.For fintech start-ups with less than 5 years of experience, blind-pool feeder funds will be created for investment of about KRW150 billion. For scale-ups, project investment feeder funds will be established in the amount of KRW150 billion.Based on the future direction of fund management and market demand, the size of the fund of funds may be expanded to KRW500 billion over six years.PLANS FOR 2020A total of more than KRW85.5 billion in investment will be made available to fintech firms through the fintech innovation fund in 2020.► START-UPS: At least three feeder funds will be established with about KRW48 billion in investment. Korea Investment Partners and KB Investment have been selected as the designated fund management companies for this year with each managing KRW22.5 billion. In the second quarter, another fund manager will be designated for the management of a feeder fund specifically designed for a fintech accelerator or a foreign based fintech beginning in the fourth quarter.► SCALE-UPS: The first investment will be made in the amount of KRW20 billion to three fintech firms (big data, blockchain and foreign-based financial platform) in April and an additional investment of at least KRW17.5 billion will be
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Apr 09, 2020
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Apr 08, 2020
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Apr 08, 2020
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Apr 08, 2020
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Apr 06, 2020
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Apr 03, 2020
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Apr 03, 2020
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Apr 02, 2020
- Vice Chairman Calls for Swift Delivery of COVID-19 Financial Support
- FSC Vice Chairman Sohn Byungdoo held a meeting via conference call on April 2 to check updates on the implementation status of the government’s COVID-19 emergency support package and financial market stabilization measures. During the meeting, Vice Chairman Sohn emphasized the importance of swift delivery of the support to those who need it.COVID-19 FINANCIAL SUPPORT PROVIDEDBetween February 7 and March 30, a total of KRW19.9 trillion (206,000 individual cases) in loans and guarantees as well as loan and guarantee extensions were provided to the SMEs, small merchants and self-employed businesses owners that have been hit by the spread of COVID-19.► FINANCING BY TYPE: KRW 9.1 trillion (128,000 cases) in new loans and guarantees, KRW 9.9 trillion (68,000 cases) in maturity extensions and deferred payments, and KRW 800 billion (11,000 cases) in export-import credit finance, discounted interest rates and late fees and deferment of interest payments► FINANCING BY TARGET: KRW9.2 trillion (167,000 cases) to small merchants and self-employed business owners and KRW10.6 trillion (32,000 cases) to SMEs and middle market enterprises► FINANCING BY INDUSTRY: KRW3.1 trillion (26,000 cases) to wholesale businesses, KRW1.9 trillion (49,000 cases) to restaurant businesses and KRW1.7 trillion (34,000 cases) to retail businesses► FINANCING BY PROVIDER: KRW9.3 trillion (125,000 cases) by policy banks and KRW10.6 trillion (82,000 cases) by private financial institutions * Please refer to the attached PDF for details.
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Apr 02, 2020
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Apr 01, 2020
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Apr 01, 2020
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Mar 31, 2020
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Mar 31, 2020
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Mar 31, 2020