Seoul Metropolitan Government to set up innovation fund with focus on blockchain and fintech

The Seoul Metropolitan Government on Thursday announced its plans to set up a ₩131 billion innovation fund in 2019.

According to the official release, the fund will intensively invest in 7 areas such as blockchain, fintech, and biotechnology, among others. It will particularly focus on startups, venture companies and small and medium scale enterprises (SMEs) with the objective of creating jobs and boosting economic growth in the region.

The Seoul Metropolitan Government said that it will operate the innovation fund in the first half of 2019. The city will invest 13.75 billion won in the fund for SMEs and the rest will use the funds of the government and private monetary funds.

The seven focus areas are:

“① Fourth industrial revolution (25 billion won) ② Smart city (25 billion won) ③ Support for start-up (25 billion won) ④ Re-sponsoring support (15 billion won) ⑤ Bio (20 billion won) ⑥ Cultural contents Billion won) ⑦ Social venture (6 billion won).”

TokenPost.kr quoted an official of the Seoul Economic Promotion Department saying:

“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. We will support the spread of job creation through customized programs such as development, commercialization and global advancement."

[Some sections of the article have been translated online from Korean]