The Lounge at Seoul Fintech Lab / Courtesy of Seoul Fintech Lab
Incubator helps firms enter US after Dubai, Singapore
By Jun Ji-hye
Seoul Fintech Lab, located in Seoul’s Yeouido district, Korea’s financial hub, provides fintech startups with comprehensive support, including office space, tailored acceleration programs and networking opportunities with investors.
Established by the Seoul Metropolitan Government in 2018, this incubator also serves as a regulatory bridge between financial authorities and startups, while supporting firms and their global expansion, solidifying its position as the largest fintech-focused space in the country.
During a recent interview with The Korea Times, Managing Director Seo Hui-dong said the lab provides support in four key areas: capacity building, scaling up, global expansion and financial regulation.
Seo Hui-dong, managing director at Seoul Fintech Lab / Courtesy of Seoul Fintech Lab
“Capacity building includes education, mentoring and networking opportunities. For scaling up, we offer investment attraction programs and exit strategy consulting,” Seo said. “Our global expansion support covers participation in international fintech exhibitions and local regulatory consulting, while the financial regulation support program provides regulatory sandbox briefings and legal consultation services.”
The selection criteria apply to fintech companies established within the past seven years. Among them, a company must meet at least one of the following conditions to qualify — having at least five employees, recording a cumulative revenue of at least 100 million won ($69,000) over the past three years or securing a total investment of at least 100 million won since incorporation.
There are two types of participation — resident companies and membership companies. Resident companies can stay for up to three years and are provided with dedicated office space. Membership companies can stay for up to one year and are allocated up to two seats. All selected companies have access to various programs offered by Seoul Fintech Lab.
As of December 2024, 161 companies are residing in the lab.
The incubator has attracted a cumulative investment of 458 billion won as of 2024, while its resident companies have generated total revenue of 650 billion won and created 4,026 jobs.
Seo said the lab places particular importance on helping startups expand overseas among its various support programs.
“Last year, we supported our startups in promoting themselves at major fintech events, such as the Dubai FinTech Summit in May and the Singapore FinTech Festival in November,” he said. “For the Singapore event, for example, we selected between 10 and 20 companies and set up a dedicated Seoul Fintech Lab pavilion. We provided support for expenses such as accommodation, promotional materials and customs clearance fees. Additionally, we organized IR (investor relations) sessions on-site for investors, offering various administrative support to facilitate actual investment connections.”
Currently, 17 companies have expanded into 11 countries with the lab’s support, including the United States, Japan, Singapore and Vietnam. According to Seo, they have either established overseas branches or local subsidiaries to enter these markets or signed memorandums of understanding to explore global expansion opportunities.
“This year, we are planning to support entry into the United States, though the details are still in progress. Once finalized, we will provide the necessary support,” he said.
This year, the lab also launched a new initiative to help companies establish subsidiaries and obtain financial licenses in their target countries. To support this, it plans to assign experts who will provide tailored consulting services.
The seminar room at Seoul Fintech Lab / Courtesy of Seoul Fintech Lab
Regulatory innovation
Seo underscored that a major overhaul of financial regulations is essential for domestic fintech companies to grow.
This aligns with Seoul Mayor Oh Se-hoon’s remarks at a fintech roundtable held at the lab on March 5, when he emphasized the need to ease regulations.
“The government and policymakers should play a supportive role in fostering growth, but instead, they are focusing solely on strict regulations, hindering companies’ development,” the mayor said at the time.
To help resolve regulatory challenges faced by fintech companies, the institute gathers startups’ concerns regarding regulations and delivers them to financial authorities.
“In collaboration with organizations such as the Korea Fintech Industry Association and the Fintech Center Korea, we voice concerns about various hurdles and issues in the industry to financial authorities,” Seo said. “We also support companies in actively utilizing the financial regulatory sandbox, allowing them to test and refine new services.”
Furthermore, to foster collaboration between traditional financial institutions and fintech startups, the lab supports joint projects that leverage their combined strengths to develop innovative financial services.
The lab also hosts regular seminars, workshops and conferences to provide networking opportunities between the two. These events serve as platforms to share the latest fintech trends and explore potential collaborations.
Seo said that the lab would further prioritize supporting startups’ global expansion, talent development and regulatory improvements.
He also emphasized efforts to strengthen collaboration with international fintech companies and institutions, aiming to establish the lab as a global fintech hub.
“By hosting international fintech events and seminars, we will facilitate exchanges with global experts, boost the lab’s reputation and deepen its connections with the global fintech community,” he said.
