South Korea’s capital city Seoul aspires to become an Asia’s financial technology (fintech) hub through establishment of the Korean version of Level 39, Europe’s largest accelerator for fintech companies, in the country’s financial district of Yeouido.

British fintech company Xntree, operator of Level39, will set up Xntree Asia Hub in Hewlett-Packard Korea Office Building in Yeouido in September this year, according financial industry sources Tuesday.

Xntree plans to hold a ceremony to celebrate the establishment at Dongdaemun Design Plaza (DDP) in Seoul on June 19, together with Global Fintech Demo Day event that showcases global fintech companies.

Xntree and Maekyung Media Group will jointly support Korean fintech companies’ advance to overseas markets by holding Maekyung Fintech Award event in September.

Level39 is Europe’s largest technology accelerator space located in Canary Wharf, London. It has more than 200 fintech startups as members, and helps them to attract investments and provides them with tailored curriculum to grow their businesses.

“Xntree is a company founded by core members of Entiq that had led Level39’s fintech accelerator program, and now in charge of operating Level39,” said Chun Jae-won, co-head of the company. “With years of experience and expertise, we will foster promising Korean and Asian fintech companies and support them to advance into the global market,” he added.

Level39 has found a high potential for growth in Korea and Asia’s fintech market and has been seeking opportunities for cooperation with Korea since 2014. It signed a memorandum of understanding (MOU) with the Financial Services Commission and Fintech Center in May, and with the Seoul city government in June to support Korean startups and establish a Fintech and Smart city in Korea.

Xntree will attract promising startups not only in Korea but also in Japan, China and South East Asia to Xntree Asia Hub in order to achieve its goal to make Seoul city a fintech hub in Asia.

The company begins a 12-week-long fintech accelerator program after selecting eight to 12 startups in the latter half of this year. It will support 40 to 50 startups a year and help outstanding companies to attract investment or directly invest in them.

By Chung Ji-sung

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