• Thu, 20 Jun 2019, 09:00 AM
  • All times are UTC
  • Edition:
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).”

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]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
  • Bitcoin (BTC) $9,234.85 (+0.83%)
  • Ethereum (ETH) $267.42 (-0.57%)
  • XRP (XRP) $0.428800 (-1.20%)
  • Litecoin (LTC) $134.55 (-2.18%)
  • Bitcoin Cash (BCH) $409.86 (-1.71%)
  • Bitcoin (BTC) $9,234.85 (+0.83%)
Jun 20, 2019 (Thursday)
Blockchain firm Algorand's token sale raises $60M within four hours
Brazil seeks to curb tax fraud, publishes new rules for cryptocurrency exchanges
Open banking platform Token secures $16.5M strategic investment to transform payment industry
U.S. Senate schedules July hearing for Facebook's Libra crypto
Major JSTA-Securitize partnership aimed at boosting Japanese digital securities adoption
HSBC-Dubai blockchain partnership to shake up the retail industry
Blockchain dominates Singapore skills market in new LinkedIn report
New cryptocurrency auditing tool announced by PwC
Hard Core Fund secures 50 BTC to fund bitcoin developers
Cloudflare bets big on Ethereum, new gateway announced
Russia to soon approve cryptocurrency bill
Ethereum-powered video platform raises $8M in Series A funding led by Northzone
U.S.-based Monsoon Blockchain inks MOA with two Philippines government agencies DTI, DICT
India's TRAI may implement blockchain in mobile number portability
Jun 19, 2019 (Wednesday)
Block.one pays $30M for domain name of upcoming blockchain-based social media platform “Voice”
R3, ripe.io team up to enhance transparency and trust for food and agricultural supply chain using blockchain
Crypto Technicals: XMR/USD pares previous sessions' losses, close above $100 mark to propel further gains
Georgian government and universities team up with IOHK to explore blockchain potential
Crypto Technicals: ETH/EUR retraces with 'Hammer' formation, breakout at 50H SMA (240) to see further upside
Euroclear develops blockchain solution for commercial paper with Banco Santander, EY and European Investment Bank
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.