Seoul Fintech Lab and the Embassy of Lithuania in South Korea Co-Host ‘Korean Fintech Startup European Expansion Seminar’ with Successful Conclusion

Seoul, Korea, NY – Nov 21, 2023 – (SeaPRwire) – Seoul Fintech Lab and the Embassy of Lithuania in South Korea jointly successfully hosted the “Fintech Startup European Expansion Seminar,” which concluded on the ninth, at the eighth-floor education center of Seoul Fintech Lab in Yeouido.

This seminar, aimed at assisting Korean fintech companies in entering the European Union (EU) market, featured a delegation from Lithuania who introduced the country’s fintech industry environment and national-level support benefits, which make it an optimal hub for European market entry.

The Lithuanian delegation included Lucas Jakubonis (chief business development officer of the Bank of Lithuania), Liutauras Žilinskas (senior investment promotion officer at Invest Lithuania), Andrius Sankauskas (economic attaché at the Lithuanian embassy in South Korea), and H. Michael Chung (senior officer at the Lithuanian embassy in South Korea). In addition, more than 20 leading teams from the Korean fintech industry participated in the event, including Korean fintech startups, financial holding companies, and companies affiliated with Seoul Fintech Lab.

The seminar began with an introduction to Seoul Fintech Lab. Located in the financial hub of Yeouido, Seoul Fintech Lab is an entrepreneurial support facility established by the city of Seoul to prepare for the digital transformation of finance. Since its opening in 2018, it has supported and nurtured over 250 companies. In just one year in 2022, resident companies attracted KRW 72.8 billion in investments, achieved KRW 159.2 billion in revenue, and created 825 new jobs. As of the second quarter of 2023, it was still showing a strong growth trajectory.

Following the introduction of Seoul Fintech Lab, Lucas Jakubonis, chief business development officer of the Bank of Lithuania, delivered a presentation titled “ABOUT BANKING IN LITHUANIA,” which provided insights into Lithuania’s banking system. Notably, Jakubonis portrayed fintech companies as clients and demonstrated Lithuania’s commitment to attracting more of them.

Next, Riutauras Zilinskas, senior investment promotion officer at Invest Lithuania, presented on the topic of “Let’s talk Lithuania – Korea fintech breakfast,” highlighting Lithuania’s fintech environment and the benefits provided to fintech companies. In this session, Lithuania’s suitability as an ideal country for fintech companies considering European expansion was explained using global fintech giants such as Revolut, Mambu, Nium, and Biance as examples.

Following the presentation session filled with the pride of the Lithuanian delegation, a Q&A session lasting over 40 minutes took place. Despite the somewhat lengthy question-and-answer period, the sharp questions and answers from both the participating teams and the Lithuanian delegation were uninterrupted, allowing for the confirmation of the determination of Korean fintech startups to enter Europe and the genuine commitment of the Lithuanian delegation to attract them. After the presentation session ended, the official seminar program concluded, but a networking session between participating companies and the Lithuanian delegation naturally continued, marking the successful conclusion of the seminar.

Meanwhile, in addition to this seminar, Seoul Fintech Lab has also participated in the “Singapore Fintech Festival 2023,” where they hosted a demo day for foreign investors and operated a joint booth. They have further organized events such as a visit by a U.S. fintech delegation, showing their unwavering commitment to supporting the international expansion of Korean fintech companies.

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