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According to Yonhap News,
(BUSAN=Yonhap News) Busan City, Korea Exchange (KRX) and Industrial Bank of Korea (IBK) will support Busan startups' development and overseas advancement.
On January 7, Busan City announced that it would sign an MOU with KRX and IBK on 9th of this month to open a "KRX-IBX Changgong" office.
Jointly operated with KRX, the "KRX-IBX Changgong" will reside in the KRX office on the 55th floor of the Busan International Finance Center (BIFC).
The "IBK Changgong" is IBK's startup scale-up platform.
It provides supports to young startups as well as innovation and venture companies.
First launched in Seoul's Mapo and Guro, it currently provides support to 40 startup companies.
It has provided an investment of KRW 3.4 billion, loans amounted to KRW 3.42 billion and 264 corporate scale-up programs including an exclusive consultation service.
Busan's Changgong marks the first regional "KRX-IBX Changgong," which will provide support to 30 selected startups annually.
It will be in-operation within the first half of this year once the design and construction planning and the selection of supervising and resident companies are complete.
The KRX-IBX Changgong will receive full support from state-owned financial enterprises at BIFC. It will also establish partnerships with private investors.
joseph@yna.co.kr
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** This article was translated from Korean.
Source: Yonhap News (January 7, 2019)