Copy link
Increase text size
Decrease text size
Link copied

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

Fri, 28 Dec 2018, 06:36 am UTC

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).” 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]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
  • Bitcoin (BTC) $8,659.94 (-0.88%)
  • Ethereum (ETH) $167.65 (-1.11%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $345.75 (+0.93%)
  • Bitcoin SV (BSV) $302.28 (-4.72%)
  • Bitcoin (BTC) $8,659.94 (-0.88%)
Jan 22, 2020 (Wednesday)
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
Mastercard, Standard Chartered and others join Singapore’s blockchain-based TradeTrust network to digitize international trade
Crypto Technicals: BCH/USD finds stiff resistance at 55W EMA at 358.85, break above to propel prices higher
Crypto Technicals: LTC/USD grinds higher, retraces brief dip below 200H MA
Square Crypto makes first major project announcement
Crypto accounting service Cryptio selected for ConsenSys’ Tachyon, reveals plans for 2020
Binance’s global P2P merchant program goes live
Huobi Group launches its own crypto brokerage platform
3 executives including founding team members leave SIX Digital Exchange (SDX)
Turkish City works on a new cryptocurrency to serve citizens better
Vodafone quits Facebook’s Libra to focus on own digital payment service M-Pesa
Crypto Technicals: ETH/USD correction holds above 110-EMA, set to resume upside as bias remains bullish
Grayscale Bitcoin Trust becomes SEC reporting company
Crypto Technicals: BTC/USD struggles to extend recovery, 'Death Cross' on hourly charts weighs
Six central banks team up to explore potential cases for CBDCs
Australia's APRA wants to supervise digital wallets like Facebook's Calibra
Didn’t ban cryptocurrencies but ringfenced banks from it, clarifies Reserve Bank Of India
Jan 21, 2020 (Tuesday)
Brave New Coin announces ‘Twitter Sentiment’ data for bitcoin
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.