Korea Development Bank has been operating “KDB Techno Banking” to support companies with excellent technologies. KDB Techno Banking provides not only financial support, but also the financial service needed for technology transactions and consultations on the industrialization of technologies.
Major financial products under the techno banking include: IP Purchase Loans to purchase intellectual properties so a new business can be launched, IP Mortgage Loan and Technology IP Commercialization Finance.
Among the non-financial services are technology transfer service for commercial firms to buy technologies developed by research institutes and consultation on the commercialization of the technologies.
KDB has been showing a variety of financial products to lead the technology financial market. IP Fund is a financial product used when a business firm wants to sell its IP and make its IP liquid. KDB officials said the financial product is a new investment area, separate from the usual investment in stakes. So far some 361.6 billion won in the IP Fund has been created as of the end of last year.
The second chapter of Korea Development Bank has begun, propelling the national economy to global heights and opening the era of unification, said Chairman and CEO Hong Kyttack of Korea Development Bank.
With the aim to lead the advancement of Korea’s financial industry, manage policy funds efficiently and fulfill the demands of the people for policy-based financing, Korea Development Bank is making a new beginning by merging with Korea Finance Corp. and KDB Financial Group.
The KDB chairman said the theme for the second chapter of KDB, beginning in 2015, is propelling the national economy to global heights and opening the era of unification. KDB will resolutely perform the role of a risk-taker, where it is difficult for the private sector to participate. KDB will also support the development of an ecosystem that will power the creative economy forward and explore opportunities to finance the reunification of the Korean Peninsula.
“In do doing, we will pave the way for the bank’s continued success as an advanced policy finance institutions, as a global KDB,” he said.
The government will offer financial guarantees for small and mid-sized companies (SMEs) that bid for overseas construction orders, as part of efforts to expand Korea’s participation in the international construction industry.
The government will adopt the joint guarantee system in cooperation with the Export-Import Bank of Korea, Korea Development Bank, Construction Guarantee and Seoul Guarantee Insurance, to expand support for SMEs’ participation in the overseas construction businesses, said Joo Hyung-hwan, deputy minister of the Ministry of Strategy and Finance, during the first conference to discuss winning international construction and plant-building projects at the Korea Federation of Banks’ headquarters in central Seoul on March 11.
“The effect of the current policies to help Korean SMEs and private financial institutions win overseas projects appears to be unsatisfactory,” Joo said. “To enhance support for the SMEs and private institutions as will as develop new markets and higher value-added businesses, we plant to take a plenty of measures and increase their effectiveness.”
Despite the government’s previous support, the amount of projects won by Korean SMEs and private institutions declined to $3 billion in 2014 from $3.6 billion in 2013, statistics show.
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