Seoul gets recognition for its startup ecosystem as Korean companies innovate to go global

South Korean capital Seoul has got favourable reviews as a global startup hub by an American research firm. Ministry of Science and ICT to support overseas market entry of Korean small and medium enterprises as Korean companies keep English-language names to go global. 3i Inc., specializing in metaverse technology, artificial intelligence, augmented and virtual reality raises US $24 million. Twenty-nine of Korea’s 66 cryptocurrency exchanges meet a legal deadline for regulatory supervision, including Upbit, Bithumb, Coinone and Korbit.

Seoul ranks No. 16 in 2021 global startup ecosystem report

Source: Yonhap

Seoul has the 16th-best startup ecosystem among cities across the world, an annual report by an American research firm showed Thursday. According to the Global Startup Ecosystem Report 2021 released by Startup Genome, a San Francisco-based research firm, South Korea’s capital ranked No. 16 on the list of 280 cities across 100 countries in terms of competitiveness of its startup ecosystem, up four spots from last year. Seoul first appeared on the list in 2017 and entered the top 20 last year.

Korean companies are giving themselves English-language names as they go global.https://t.co/i0isIM37Zv

— Korea JoongAng Daily (@JoongAngDaily) September 26, 2021

Korean Government Actively Supports ICT SMEs for Overseas Market Entry to Overcome COVID-19

Source: Business Wire

The Ministry of Science and ICT of Korea (MSIT, Minister: Hyesook Lim) and the Korea Association for ICT Promotion (KAIT, President: Jung Ho Park) held the World Online ICT Show (WOW) 2021 Business Meeting to support overseas market entry of Korean small and medium enterprises (SMEs) in the ICT industry experiencing difficulties in marketing route development due to the prolongation of COVID-19.

Over 80 Korean ICT SMEs and 62 buyers from 29 countries, including the U.S., Brazil, Belgium, China, and Vietnam, attended the business meeting held on September 15 and 16 using the WOW platform. The platform is an online show platform to help domestic ICT businesses enter overseas markets and expand export in the difficult times after the COVID-19 pandemic.

The meeting was held online and offline concurrently at the venue in COEX. For companies that could not attend the fair, an online consultation service was provided in the form of a three-way video conference with the buyers and interpreters.

3i Inc. Raises US$24M in Oversubscribed Series A Funding Round

Source: 3iInc

3i Inc., an industry-leading immersive experience company specializing in metaverse technology, artificial intelligence, augmented and virtual reality, and a member of Born2global Centre, completed an investment of nearly $24M (₩28B Won). The round included $20M from new financial and strategic investors and $4M from existing investors.

SV Investment led the round, with other participants including Korean Development Bank, LB Investment, DS Asset, YG Investment, Intops Investment, Enlight Ventures, NBH Capital, and Korea Asset Investment Securities.

Founded in 2017, 3i has 34 technology patents and includes two brands: Pivo and Beamo. Pivo is a platform business sitting at the intersection of hardware, software, and content focused on empowering everyday creators around the world with its Pivo Pod, a portable AI-powered smart pod, and suite of mobile apps that extend the capabilities of any smartphone and simplify rich content creation.

29 crypto exchanges meet registration deadline, but face challenges

Source: Korea Herald

Twenty-nine of Korea’s 66 cryptocurrency exchanges met a legal deadline to put themselves under regulatory supervision, but they still face challenges, market insiders said Sunday, such as risks from legal breaches and an inability to convert coins into Korean won.

The registration brings them out of local legal blind spots, but the exchanges now have to abide by global rules on anti-money laundering and other measures and could face closure for failures of compliance.

And of the 29 exchanges that met the deadline, only four of them — Upbit, Bithumb, Coinone and Korbit — were able to secure real-name accounts in partnership with local banks, a requirement for allowing traders to buy and sell cryptocurrencies in exchange for Korean won.