The Korea Fintech Support Center Selects 12 Beneficiaries for the 2024 Digital Finance Technology Internalization Program
(Seoul = News1) Reporter Do-min Jang — The Korea Fintech Support Center announced on the 17th that it has finalized the selection of 12 beneficiary companies for the “2024 Digital Finance Technology Internalization Program.”
The Digital Finance Technology Internalization Program provides internalization funding and a fintech-specialized acceleration program to help early-stage fintech startups—founded within the last three years and holding promising items—accelerate their growth.
The Center conducted an open call and document submission process for about one month starting in February. A total of 82 companies applied, recording a competition ratio of 6.83:1. The selection process was carried out in two stages—document review and in-person evaluation—by a committee composed of external fintech experts.
Based on a comprehensive assessment of applicants’ digital finance technology internalization strategies and funding utilization plans, the Center selected six companies: DadaX (a last-mile delivery platform leveraging AI object recognition, where payment and settlement are essential), DealMe (the first fintech solution in Korea enabling installment credit-card payments for foreigners), Lumigloo (an AI chatbot that helps users reduce spending through a single message), Lemong (AI-based solutions for viewing and generating customer reviews for small businesses, and financial solutions utilizing review data), VMIC (a blockchain-based aviation asset management and aviation STO service), and Salaryfy (an in-house loan operation and management solution for companies and employees).
In addition, the Center selected another six companies, bringing the total to 12 beneficiaries: 11LITER (a pet-insurance underwriting solution using technology that diagnoses progressive diseases in companion animals), Alphabase (an ad-reward app leveraging floating-window technology and AI-based personal-propensity analysis), Underwriter (the insurance underwriting service “SaveNote,” aimed at making people safer and healthier), Wished Insurance Brokerage (the framework-based corporate insurance infrastructure solution “Beacon”), Fractal FN (an STO service based on blockchain distributed-ledger technology using stocks as underlying assets), and Pilsang (an FDS-linked monitoring and control solution).
Each beneficiary will receive Digital Finance Technology Internalization funding—averaging KRW 70 million per company—which can be used for fintech service development labor costs, patent application and registration fees required for technology protection, and advisory costs to strengthen technical capabilities. Alongside financial support, beneficiary companies will also receive customized internalization programs. Through these programs, startups can validate fintech technologies needed to advance their business models and receive consulting support for preparing R&D project proposals. They will additionally benefit from systematic growth support, including financial regulation reviews, expert mentoring by domain, and networking opportunities.
Young-han Byun, Chairman of the Korea Fintech Support Center, said, “This year, we designed investment consulting focused on fintech technology validation,” and added, “Even amid a challenging investment climate, we will support beneficiary companies in internalizing promising technologies that can lead the fintech sector, ultimately helping them achieve tangible fundraising outcomes.”
