Among the domestic start-up projects supported by the South Korean government and large companies, there is a blockchain start-up company - financial technology company MOIN. This company will receive guidance and support from KB Financial Corporation. Cooperation in the field of blockchain cross-border settlement services.

On June 25, the Ministry of Science, Technology, Information and Communication of South Korea announced the list of 16 start-ups that were finally selected for the "2020 Civilian-government Cooperation ICT Start-up Incubation Program".

According to the "ICT Start-up Incubation Program", the Korean government and large companies will provide three-year guidance and support to selected ICT start-ups, aiming to help start-ups develop core technologies in advance and launch products and services to the market. The selected start-ups will receive 8 billion won in funding from the government over the next three years, including 1.6 billion won this year.

The 16 selected companies include Jaranda, Core.Today, Zipfund, Grumedo, Spacewalk, 42Maru, Waynehills, Lablup, Lfin, COARSOFT, MoneyBrain, Enernet, ALT-A, TEEware, MOIN, etc.

Nine companies, including Samsung Electronics, KT, Lotte, Hanwha Life, Shinhan Financial, KB Financial, Hana Financial, and NH Financial, served as mentoring companies. These companies will use the company's business incubation program to provide infrastructure, technology, and business development support to the selected companies. For example, the communication operator serving as the guiding company can provide the selected company with a 5G network experiment environment, and the bank can provide the selected company with a financial platform application programming interface (API) and data.

The selected companies cover blockchain, artificial intelligence (AI), cloud digital content, Internet of Things (IoT) and other industries. Among them, MOIN, a fintech start-up in the blockchain industry, will cooperate with KB Finance to develop blockchain cross-border settlement services. MOIN, established in 2016, was selected as one of the world's top 100 fintech companies by the world-renowned accounting firm "KPMG International Accounting Firm" and the fintech venture capital firm "H2 Ventures" last year together with Viva Republica, which operates TOSS. In March this year, it was selected into the "KB Staters" start-up project of KB Financial Corporation, and entered the "SK Innovation HUB" financial technology laboratory of KB Financial Group in April

JOIND Kwon Seona reporter kwon.seona@joongang.co.kr

JOIND Kwon Seona reporter kwon.seona@joongang.co.kr