Seoul Fintech Lab Supports Korean Fintech Startups to Move Into Europe

Distributed by Business Wire
19th November 2020

To Organize Online Meet-up with Luxembourg Investors and Financial Industry Experts

SEOUL, South Korea–(BUSINESS WIRE)–#10XExtensionInLuxembourg—Seoul Fintech Lab, launched by the Seoul Metropolitan Government in an effort to make the city one of the world’s financial centers, 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 is designed to provide business matching opportunities for those startups within Seoul Fintech Lab with Luxembourg investors, fintech firms, and financial industry experts.

The Grand Duchy is considered a fintech capital of the world for offering law barriers to entry by providing tax incentives and fast approval. As establishing a corporation in Luxembourg is equally recognized in other European Union member nations, it provides a good opportunity to move into other European countries. That’s the reason the country is called the destination to get a visa for EU-wide business.

Many international corporations such as eBay, Skype, Amazon, and Rakuten have their European headquarters in the country, while PayPal, a major fintech firm, was given an approval for establishing a bank there.

The day’s event will be started with the 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, as well as the panel discussion on the collaboration between conventional financial institutions and fintech businesses.

Afterward, Seoul Fintech Lab startups such as BC Labs, Spiceware, XQuant, Quotabook, and Finhaven will pitch for their business, with a Q&A session with Luxembourg participants at the end.

Seoul Fintech Lab has meticulously prepared the event in cooperation with LUXKO, Luxembourg’s startup accelerator, so that the business matching could be undertaken without a glitch.

KeunJin Kim, CEO of Spiceware, one of the Korean startups participating in the event, said, “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.”

HoHyun Ko, head of Seoul Fintech Lab, said, “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.”

The online application for the Luxembourg meet-up is available on the website of Seoul Fintech Lab (https://seoulfintechlab.kr/en/news/2530).

List of Startups Operating within Seoul Fintech Lab

1. BC Labs

VOLTA provides a trading strategy open marketplace that connects retail investors and professional traders so that retail investors can trade like professionals with the aid from professional traders.

There are many teams consisting of just one or two talented programmers who make high profits just by running a few trading strategy algorithms. However, these groups lack the resources such as the brand, organization, capital for marketing, funding and customer services, and they are looking for an automated platform so that they can solely focus on trading.

2. Spiceware

Spiceware on Cloud is SaaS that securely protects all data operated by enterprises in finance, public, telecommunications and healthcare sectors by providing data security and PII (Personally Identifiable Information) protection services for building infrastructure utilizing cloud, big data, and AI.

It is a cloud-native PII Protection Service with the following features: Encryption, Access Log Management, PII Deletion, Anonymization & Pseudonymization.

Established in 2017, the company is invested by AhnLab, a major IT security company in South Korea, along with other VC’s in Korea. Spiceware is an Amazon APN Select Technology Partner in the category of DB Encryption since 2018.

3. XQuant

XQuant is a Korean leading specialist for the processing and analysis of unstructured data for financial institutions. Our products TS-Expert and ESG-Analytics will help your organization extract the relevant information and improve the efficiency of your team. www.xquant-ai.com

4. Quotabook

Quotabook is an equity management platform for both companies and investors. Startups and VCs can sync crucial equity data and corporate governance issues through an online equity platform so that every shareholder and portfolio company can communicate through a single source of truth. Quotabook is being used by most of the top-tier VCs and Startups in Korea while also having partnerships with 33% of the transfer agents in Korea. The company was incorporated in late 2019 and was funded by almost 20 VCs, accelerators, and banks ever since.

5. Finhaven

Finhaven is a capital markets technology company that offers a simple, safe and secure paperless custodial and settlement solution for all market participants. Our technology platform leverages distributed ledger technology and covers KYC, AML, suitability, capital raise, primary distribution, marketplace, settlement, depository, investor relations, and corporate action management. This new digital capital market system will have real time settlement that eliminates the need for clearing agencies, central depositories, and custodians. Finhaven Capital, a wholly owned subsidiary of Finhaven Technology Inc. is a registered exempt market dealer in six jurisdictions from BC to QC in Canada (Finhaven Capital is operating as “Finhaven Private Markets”). Finhaven Asia, another Finhaven subsidiary, is located in Seoul to expand the Company’s business in Asian markets.

About Seoul Fintech Lab

Seoul Fintech Lab was established in 2018 by the Seoul Metropolitan City. In October 2019, the Lab moved its office to Seoul’s Yoido so that it can raise its competitiveness by strengthening interactions with financial firms in the area. The Lab provides spaces to fintech startups for up to two years while providing accelerator programs which are startup custom-tailored to their growth needs. The Lab plans to increase the number of startups within it to 100 in 2020.