Home Breaking News Seoul Fintech Lab Makes Efforts to Help Fintech Startups Move into Europe

Seoul Fintech Lab Makes Efforts to Help Fintech Startups Move into Europe

Seoul Fintech Lab Makes Efforts to Help Fintech Startups Move into Europe

The Seoul Metropolitan Government in an effort to make the city one of the world’s financial centers, has launched the Seoul Fintech Lab. The Lab will hold an online meet-up – 10X Extension in Luxembourg on November 26 for networking and investor relations sessions between domestic companies wishing to set up business in Europe and European investors and financiers.

The event will provide business matching opportunities for the startups within Seoul Fintech Lab with Luxembourg investors, fintech firms, and financial industry experts. Establishing a corporation in Luxembourg provides a good opportunity to move into other European countries as well. That’s the reason the country is called the destination to get a visa for EU-wide business.

10X Extension

Some of the well-known international corporations such as eBay, Skype, Amazon, and Rakuten have their European headquarters in the country. PayPal, a major fintech firm, was given approval for establishing a bank there as well.

The day’s events include a welcome speech by Stéphane Pesch, CEO of the Luxembourg Private Equity & Venture Capital Association (LPEA), followed by the introduction to the ecosystem of Seoul Fintech Lab and the Luxembourg fintech and a panel discussion on the collaboration between conventional financial institutions and fintech businesses.

The Seoul Fintech Lab startups that will pitch for their business, followed by a Q&A session with Luxembourg participants are: BC Labs, Spiceware, XQuant, Quotabook and Finhaven.

“Already, there are several fintech startups setting up shop in Luxembourg. Through this online meet-up before a full-fledged entrance to the European market, we hope to promote our services to European audiences while securing potential client firms with privacy protection issues,” said KeunJin Kim, CEO of Spiceware.

“With this program, we plan to give full support to domestic fintech startups in the form of foreign investment attraction, partnership signing, and help with European market entrance,” said HoHyun Ko, head of Seoul Fintech Lab.

The following startups Operate within Seoul Fintech Lab-

1. BC Labs: It provides a marketplace that connects retail investors and professional traders so that retail investors can trade like professionals with aid from professional traders.

2. Spiceware: Spiceware is a SaaS company that securely protects all data operated by enterprises in the finance, public, telecommunications and healthcare sectors. It provides data security and PII (Personally Identifiable Information) protection services for building infrastructure utilizing cloud, big data, and AI. Founded in 2017, Spiceware has received investment from AhnLab, a major IT security company in South Korea, along with other VC’s in Korea.

3. XQuant: XQuant is a Korean leading specialist for the processing and analysis of unstructured data for financial institutions. Their products TS-Expert and ESG-Analytics help organizations extract relevant information and improve the efficiency of teams.

4. Quotabook: Quotabook is an equity management platform for both companies and investors where startups and VCs can sync crucial equity data and corporate governance issues through an online equity platform. It allows shareholders and portfolio companies to communicate through a single source of truth. The company was founded in late 2019 and is funded by almost 20 VCs, accelerators and banks.

5. Finhaven: Finhaven is a capital markets technology company. It offers a simple, safe and secure paperless custodial and settlement solution for all market participants. Their technology platform leverages distributed ledger technology covering KYC, AML, suitability, capital raise, primary distribution, marketplace, settlement, depository, investor relations and corporate action management.

The online application for the Luxembourg meet-up is available on the website of Seoul Fintech Lab.

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Komal writes about the startup ecosystem on VCBay. She is an Economics Hons. graduate from Miranda House, Delhi University, and is passionate about the world of entrepreneurship and finance.



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