Busan is good

The Challenge of Fintech Startups Continues! “Busan Fintech Hub” to Recruit Second Round of Tenant Companies

내용

Busan Metropolitan City (Mayor Park Heong-joon)  announced that starting June 5, the City of Busan will recruit 11 startups to move into the “Busan Fintech Hub”, which supports the concentration and growth of companies in the fields of fintech, big data, and AI.

Eligible applicants are tech-based startups within 7 years of founding that either possess or are aiming to expand into fintech, digital transformation, or data-driven business models.

Following the first round of recruitment earlier this year, where 6 startups were selected, the City plans to further bolster its fintech ecosystem through this second round by selecting 11 more promising and innovative startups.

Selected companies will receive support tailored to their growth stage, including:

• ●Co-working office space

• ●Rent assistance

• ●Commercialization funds

• ●Capability-building programs

The Busan Fintech Hub operates at two locations:

• ●U-Space (Unicorn Space) at the Busan International Finance Center (BIFC)

• ●S-Space (Star Space) inside the Busan Chamber of Commerce and Industry

Currently, 43 companies are housed in the two hubs. Beyond office space, the City offers full-cycle support including commercialization assistance, networking, and capability enhancement to ensure tenant companies experience tangible growth.

In particular, the City promotes customized programs such as support for core development personnel, partnerships between leading and startup companies, and investment linkage, enabling companies to swiftly gain a foothold in the market.

Earlier this year, the City formulated its Fintech Industry Development Plan and is now accelerating the advancement of the Fintech Hub by launching new strategic projects, such as:

• ●Developing marine-based digital finance products

• ●Training specialized talent in digital finance

• ●Linking venture capital through fintech-dedicated investment funds

It also supports the sustainable growth and competitiveness of companies through customized consulting services for identifying high-potential startups and preparing for IPOs.

Thanks to this comprehensive support, tenant companies in the Busan Fintech Hub are showing meaningful results. Currently, 31% of the resident companies have more than doubled their revenue since moving in, indicating steady expansion of the fintech ecosystem in Busan.

For example, FIND ER, a startup that joined in 2023, is developing container yard auto-dispatch systems using AI, big data, and IoT, along with IT solutions for the shipping and port industries. Backed by Busan’s tailored support, it has accelerated technology advancement and product development, achieving rapid growth since its founding in 2022. This year, the company was selected as a Bright Club member, recognizing it as a promising startup in the region.

This second round of recruitment runs from June 5 to June 25 (5:00 p.m.), and final selections will be made following document screening and interviews.

In particular, the S-Space will prioritize companies with annual revenue of KRW 1 billion or more and high potential for revenue growth.

Detailed information on application procedures, eligibility, and support content is available on the website of the Global Fintech Industry Promotion Center (finpc.org).

Nam Dong-woo, Director of Financial Startup Policy, stated:

“Our focus is on achieving tangible growth for early-stage startups, and we will continue to strengthen customized support for promising startups centered on the Busan Fintech Hub,”
and added,
“We will do our utmost to establish Busan as a global innovation hub in fintech.”

---

Attachment 1: Recruitment Poster

Attachment 2: Recruitment Guidelines