Latest news with #IBK
Korea Herald
14-07-2025
- Business
- Korea Herald
IBK invests W10b in Furiosa AI to bolster Korea's chip sovereignty
Industrial Bank of Korea said Monday it is investing 10 billion won ($7.25 million) in Furiosa AI, a leading Korean startup specializing in artificial intelligence semiconductors, as part of broader efforts to strengthen the country's strategic tech autonomy. The state-run lender highlighted Furiosa AI's role in advancing Korea's independent AI chip technology, noting the company had turned down a buyout offer from a major US tech firm in favor of developing its own hardware. Reports in March revealed that the offer came from Meta, which Furiosa rejected to focus on its next-generation accelerator, RNGD, slated for mass production in the latter half of this year. The latest funding adds to a series of financial backing the policy lender has provided to Furiosa AI since its inception, including seed loans, venture capital and tech-focused financing. The lender also deployed its hybrid 'IBK Venture Loans' product, combining investment and loans, to bridge the firm's liquidity needs during the pre-mass production phase. IBK said the 10 billion won injection was part of a broader 150 billion won raised in the funding round and expressed hope the investment would enhance Korea's competitiveness in AI chips and help local players expand globally. 'We will do our utmost to support Korea's venture ecosystem so that more companies like Furiosa AI can emerge,' said Kim In-tae, executive vice president of Innovative Financing Group at IBK. 'We remain committed to driving technological innovation and fostering a dynamic startup environment.' IBK has supported ambitious startups through both financial and non-financial means, including 2.5 trillion won funneled into venture capital funds since 2023. In 2024, it also launched a public offering fund program aimed at channeling capital into AI and other key strategic industries.
Korea Herald
02-06-2025
- Business
- Korea Herald
IBK gains preliminary nod for Vietnam unit after 8-year wait
The state-run Industrial Bank of Korea has secured preliminary confirmation from the Vietnamese central bank, bringing the policy lender a step closer to establishing a full subsidiary in the country. The State Bank of Vietnam issued a confirmation letter for IBK's subsidiary application on May 30, marking the official start of the review process, the Financial Services Commission announced Monday. The confirmation comes nearly eight years after IBK first submitted the request. The confirmation letter indicates that the screening process has officially begun and that all necessary documentation for regulatory review has been submitted. Vietnam's central bank has rarely approved new foreign banking subsidiaries in recent years. The last such approval was granted to Singapore's United Overseas Bank in September 2017. Once IBK's Vietnamese subsidiary is established, Korea will have three banks operating in Vietnam — alongside Shinhan Bank and Woori Bank — drawing level with Malaysia as the country with the most foreign bank subsidiaries in Vietnam. IBK currently operates two branches in Vietnam, one in Hanoi and the other in Ho Chi Minh City. These branches are expected to be absorbed into the new subsidiary once it is established. Earlier in May, the Vietnamese central bank also approved the Korea Development Bank's plan to open a branch in Hanoi, six years after the policy bank first submitted its request. KDB currently operates only a representative office in Vietnam and does not conduct direct business operations in the country. The FSC highlighted that these recent approvals are the result of continued bilateral diplomacy between Korea and Vietnam, including high-level summits, executive discussions, and official correspondence. 'The issuance of confirmation letters for IBK and KDB is an unprecedented outcome that reflects the government's financial diplomacy and the banks' proactive efforts,' the FSC said. Officials from IBK and KDB stated that the policy lenders aim to support both Vietnamese businesses and Korean companies expanding into the country, thereby contributing to mutual economic growth. IBK plans to focus on financing small and medium-sized enterprises, while KDB intends to support large-scale infrastructure projects.
