The Industrial Bank of Korea (IBK) announced on Dec. 9 that it will sign a business agreement with the Seoul Metropolitan Government to support fintech companies’ commercialization efforts.
Under the agreement, the two organizations plan to cooperate for the development of the fintech industry, including in the provision of test beds for the commercialization of technologies and ideas, recommendations of excellent fintech companies and mentoring for fintech companies and cooperation with financial institutions and exchanges of information for the growth of the fintech industry.
The IBK is scheduled to receive a dedicated test space for IBK 1st Lab from Seoul. Along with an existing lab space operated by IBK Financial Tower in Euljiro of Seoul, the bank has set up an additional base for Seoul Fintech Lab, the nation’s largest fintech fostering organization in Yeouido, Seoul, to help fintech companies carry out more diverse tests.
Meanwhile, the IBK will continue to discover and support outstanding fintech companies with innovative ideas by serving as test beds for commercializing fintech companies’ technologies and ideas.
“Through this agreement, we have prepared fintech communication channels for IBK 1st Labs in Mapo and Yeouido in Seoul,” an IBK official said. “We will steadily expand programs for fintech companies in the future.”
Digital Competitiveness of Small Business Owners
The IBK announced on Nov. 16 that it signed a business agreement for the digital competitiveness of small business owners with the Korea Federation of Micro Enterprise (KFME).
Under the agreement, the IBK plans to provide free consulting on tax, labor, and patents, digital infrastructure and inclusive finance for small business owners and help them strengthen their digital competitiveness even though they suffer from the COVID-19 pandemic.
Meanwhile, the KFME plans to guide its members to actively utilize the payment terminal app Box Pos for smartphones provided by the IBK. Box Pos is an innovative service that allows merchants to download IBK Box Pos App onto their smartphones and use their smartphones as card payment terminals without subscription and use fees.
“We will actively cooperate to make this agreement create a win-win model that can actually help small business owners,” IBK President Yoon said. “We plan to expand the scope of cooperation by providing inclusive finance for small business owners in the future.”
IBK Acorn Bank and Online Changgong Service
The IBK announced on Nov. 18 that it will sign a service partnership agreement with Cyworld Jet and open “IBK Acorn Bank” on the Cyworld Metaverse platform.
IBK Acorn Bank is the first metaverse platform bank branch in the banking sector where anyone can visit and experience the IBK’s personal products and services regardless of time and places.
The IBK will launch customized financial products and services for Cyworld users, including IBK Acorn Bank Account that provides rewards according to the number of acorn purchases and will also introduce the Metaverse Financial Experience Service that includes game elements.
Meanwhile the IBK announced on November 22 that it has launched the Online Changgong Service that provides the IBK’s major programs online to start-up companies to revitalize startup ecosystems.
The Online Changgong Service (www.ibkchanggong.com) provides a service through which people can behold basic knowledge on startup foundation and management and various startup support projects at home and abroad at a glance.
In addition, the IBK set up a corporate diagnosis program to identify the current status of a startup and find solutions to problems facing the startup.
Professional consultants provide solutions to companies that went through a simple and precise diagnosis through the program.
Furthermore, the IBK crated an online meeting space where members of business foundation ecosystems can propose investment, partnership and collaboration deals with more than 400 excellent startups which received support from the IBK Changgong Program.
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