Latest news with #MinistryofSMEsandStartups
Korea Herald
a day ago
- Business
- Korea Herald
AI fintech startup BankX joins government program for Silicon Valley expansion
South Korean fintech startup BankX said Wednesday that it has been selected to join the Global Market Expansion Program organized by the Ministry of SMEs and Startups, paving the way for its official entry into Silicon Valley. GMEP is a government-backed initiative that supports AI- and big data-driven startups with comprehensive assistance for global expansion. BankX is one of 20 startups selected for the Silicon Valley track, which provides full funding for business development, investor pitching and localization efforts. The program will be executed by Silicon Valley-based accelerator Team of Wakers, which will offer tailored support to each participating startup. BankX's key innovation is its AI-powered app PlayPlanet — a location-based 'benefits assistant' that helps consumers find nearby promotions from local merchants and recommends the most rewarding credit card at the point of purchase. The startup says the app enables seamless payments via QR codes or barcodes, benefiting both users and small businesses. 'This is a crucial opportunity to validate our AI technology and gain traction in the US fintech market,' said BankX CEO Kim Seung-hoon. 'With full government support, we will actively pursue investor connections to fuel global expansion.'
Yahoo
21-05-2025
- Business
- Yahoo
South Korea Opens Applications for the 10th K-Startup Grand Challenge 2025 - Korea's Flagship Global Inbound Program
SEOUL, KR / / May 20, 2025 / The Ministry of SMEs and Startups (MSS) has officially opened applications to international startups for the K-Startup Grand Challenge (KSGC) 2025, Korea's Flagship Global Inbound Program designed to help international startups expand into Korea and scale across Asia. Now in its 10th year, KSGC is hosted by the Ministry of SMEs and Startups (MSS), organized by the Korea Institute of Startup & Entrepreneurship Development (KISED), and operated by the Gyeonggi Center for Creative Economy & Innovation (GCCEI). The 2025 edition offers a combined pool of up to ₩950 million (US$633K) in total government support. This includes equity-free prize money for top teams, travel and living stipends for selected participants, and commercialization grants for the best-performing startups. The program has been redesigned as a more flexible, founder-first platform - offering support for incorporation, corporate partnerships, PoC (Proof of Concept) pilots, and investment access - to help promising global startups successfully enter Korea and achieve sustainable growth. Founder-First Support: A Flexible, Phased Gateway to Korea In 2025, KSGC introduces a hybrid format that allows participants to start the program remotely while continuing operations in their home countries. The program runs from July 2025 to April 2026 across three phases: Market Exploration (3 weeks online), Market Entry (3 months remote-enabled on-site), and Market Growth (3 months remote-enabled on-site), with the number of teams narrowing from 80 to 40 and finally to 20 through each phase. Global Exposure: From APEC Policymakers to the COMEUP 2025 Stage KSGC 2025 offers unparalleled exposure to Korea's top institutions and global stakeholders. During Phase 2, a select group of teams will have a unique opportunity to pitch at the 2025 APEC Small and Medium Enterprises Ministerial Meeting, a high-level policy event bringing together SME ministers and innovation leaders from across the Asia-Pacific region. Participants will also showcase their startups at the official KSGC Demo Day, held during COMEUP 2025 - South Korea's premier startup and tech conference. They will compete for a ₩380 million (US$253K) prize pool, with awards presented to the top 20 teams. PoC and Strategic Partnerships With Korea's Industry Leaders The program offers direct access to over 20 of Korea's leading conglomerates, enabling high-impact PoC projects and strategic partnerships. These opportunities are supported by GCCEI, a key organizer and part of Korea's 19-center national CCEI network. Each center is aligned with a major corporate partner, providing localized support and open innovation channels to help startups engage with industry leaders more effectively. To help selected teams fully capitalize on these connections, KSGC offers full support - including visa sponsorship, assistance with business incorporation, free office space, curated business matchmaking, and follow-on scale-up grants of up to ₩50 million (US$33K) for top-performing teams. In addition, top startups will gain access to investment opportunities with industry-leading VCs and the GCCEI, facilitated through exclusive KSGC private IR sessions designed to connect founders with Korea's most active investors. Applications Now Open: Apply by June 13, 2025, to Shape the Future in Korea KSGC is open to startups founded and currently led by non-Korean nationals. International students residing in Korea are also welcome to apply. "KSGC 2025 reflects Korea's commitment to being more than a launchpad - it's a true partner in global growth," said Jonghwi Lee, Global Division Director at GCCEI. "This program is designed to provide what global founders need most: strategic flexibility, substantial non-dilutive funding, and direct access to Korea's key industries." Applications are open until June 13, 2025 (15:00 KST). Your challenge to venture into Korea - Scale fast, start in Korea, start with details and to apply, visit or contact apply@ Contact Information KSGC Admin apply@ SOURCE: K-Startup Grand Challenge View the original press release on ACCESS Newswire Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
