Changes in Government Policy: Fintech Fund & Tourism Promotion
Updated: Sep 5
S. Korea to boost fintech fund to 1 trillion won
S. Korea's financial authorities have decided to increase the size of the Fintech Innovation Fund from KRW 500 billion (USD 379 million) to 1 trillion won to support fintech firms suffering from the liquidity crunch on rising interest rates and concerns over an economic downturn. Kim Joo-hyun, chair of the Financial Services Commission (FSC), attended the Next Round 2022: Fintech Special Round, hosted by the Korea Development Bank (KDB) on Dec. 7 and announced plans to foster the fintech industry. The Fintech Innovation Fund, of which the goal was to invest a total of KRW 500 billion in fostering and discovering promising fintech firms between 2020 and 2023, will expand to 1 trillion won as an additional KRW 500 billion will be injected over the next four years (2024- 2027), Kim explained. The fund was created in December 2019 with investments from major financial holding companies, banks and Koscom to make more investment funding available for innovative fintech firms.
S. Korean unveils plans to attract 30 million visitors by 2027
The S. Korean government unveiled measures, including easing travel-related restrictions, in its efforts to attract 30 million tourists by 2027 as borders around the world reopen amid easing in Covid policies. Under the 2023-2027 tourism promotion basic plan, the government will designate 2023 and 2024 as Visit Korea years and hold K-tourism road shows in 50 cities around the world. It will aim to bring in 30 million foreign visitors in 2027 and raise USD 30 billion in travel income. Korea in 2019, before the pandemic, attracted 17.5 million foreign visitors and raised USD 20.7 billion in income. “Visit Korea Year will allow our travel industry to overcome difficulties from Covid-19 and leap forward,” Prime Minister Han Duck-soo said at a national tourism strategy meeting in Seoul.
*This article is extracted from Invest KOREA information center, 2023.