BNK Busan Bank Launches BNK Fintech Lab

Brian Newar 2020-01-19

BNK Busan Bank recently launched the BNK Fintech Lab 1st Stage to support fintech startups in the Busan area. Busan is also the site of the blockchain regulation-free zone in South Korea where tremendous advancements in blockchain applications in tourism, finance, logistics and public safety with projects led by companies ranging from a bank to fintech startups are expected.

Officials from Busan Bank at the opening ceremony of the first BNK FinTech Lab at Wework Store in Munhyeon-dong, Nam-gu, Busan on January 16th. *courtesy*

Daein Been, a head banker at BNK Busan Bank, said about the new Fintech Lab, “it will be a keystone in the effort for growth among the domestic fintech industry’s ecosystem.”

Startups supported by the program should be expected to drive innovation via a global business model that will be mutually beneficial for domestic and global tech industry enterprises. On this, Been has pledged his full support to ensure the program’s success.

Image result for bnk busan bank" — BNK Busan Bank in Busan, South Korea.

Ten companies that are all active in various fintech areas such as blockchain, unmanned store payments, and insurance have been selected for this first stage of the BNK Fintech Lab. They are GMC Labs, UPChain, Chainers, Insurovo, The Financial Consulting, Bareum, Wai Polaris, AI Platform, Janda, and Agile Soda.

These companies, and others that are selected to participate in the program, will go through a screening process. Following a successful screening, they will receive support fro Busan Bank and the Busan Metropolitan government, then have an office set up at BNK Fintech Lab. The benefits of being in the program include professional mentoring, networking events, business expansion domestically, and education programs meant to guide participants toward global expansion.

BNK Fintech Lab will be jointly operated by Busan Bank, the Busan Metropolitan Governments, and WeWork Labs as part of the U-SPACE project meant to foster Busan as a hub for the global fintech industry.

This program will ultimately provide participants with the opportunity to access the sponsors’ affiliate networks, and work closely with them to work out viable business models. With BNK Busan Bank being partly owned by Lotte, the network is an extensive and immensely valuable ones to companies lucky enough to be chosen for participation.