Korea SMEs and Startups Agency (KOSME) has entered into a partnership with the State Treasury, under the umbrella of the Indonesian Ministry of Finance, and Shinhan Bank to help promising Korean SMEs establish a foothold in the Southeast Asian market, KOSME said on July 28.
KOSME struck the MOU with Indonesia’s State Treasury to help SMEs and startups of Korea and Indonesia ramp their capabilities and spur industry collaboration at Jakarta on July 26.
Indonesia’s State Treasury, under the umbrella of the Ministry of Finance, with a staff of 7,600 officials, is responsible for planning and executing policies related to the treasury, and it is now overhauling regimes to support local SMEs.
Specifically, KOSME decided to transfer overall systems of policies to support SMEs and startups, such as company evaluation system and diagnosis methods, and help Korean SMEs and startups explore the Indonesian market by utilizing Indonesia’s State Treasury’s 200 regional networks.
KOSME also struck an MOU with Shinhan Bank on July 28 to help SMEs and startups with global potential support scale-up and localization.
Shinhan Bank, Korea’s first bank established only with the private sector’s money, have an overseas network encompassing about 160 financial institutions in 20 countries across the world.
The signing ceremony took place in Singapore as KOSME and Indonesia’s State Treasury ramped up their resolution to expand SMEs’ foothold to enter global markets.
KOSME President Kim Hak-do and Shinhan Bank Vice President Chun Pil-hwan participated in the event.
Under the deal, KOSME and Shinhan Bank decided to join forces in jointly exploring promising SMEs and startups and offering mutual connected support, developing and implementing new collaboration projects by making the most of their overseas centers, making joint efforts to help promising SMEs and venture companies attract investments through cooperation between the private and public sectors such as exchange of local market information and explore sales opportunities.
KOSME President Kim said, “Indonesia and Singapore are Korea’s strategic centers to enter the Southeast Asian market with rising exports.”
KOSME would proactively offer support to help Korean companies with good technology power successfully enter global markets, including Southeast Asia based on cooperative relationships reached between the Indonesian government agency and Shinhan Bank.
KOSME President Kim Lends an Ear to Voices of K-fashion Company
KOSME President Kim Hak-do toured Nasign, a handbag and skin clothes maker located in Gwangjin-gu, Seoul, on July 13 and listened to complaints and grievances the company experienced.
Nasign is better known to customers for its handbag brand “Oryany.” Nasign is a promising exporter who has grown through partnerships with famous departments and clothe brands in the United States, China and Italy.
Nasign has depended on an ODM method, a departure from an OEM method, on which conventional makers relied. Nasign is on a row with eco-friendly activities such as the development of eco-friendly skins and the release of eco-bags made with recycled nylon and cactuses.
KOSME has offered financial support to Nasign, which grappled with declining sales, caused by rising tariffs in the wake of U.S.-China trade conflict in 2018.
Nasign President Oh Sang-don, said, “Oryany has grown thanks to diverse policy support, offered by KOSME whenever we experienced hardships.”
KOSME President Kim said, “KOSME will do not spare efforts to explore promising companies such as Nasign to nurture the fashion industry as Seoul’s future growth engine.”
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