Jeonbuk Expands Financial Ecosystem... Financial Firms and Startups Accelerate Investment Connections

The 7th GENIE Forum Held with the National Pension Service and Jeonju City

14 Financial Startups Meet Directly with Financial Institutions and Investors

Jeonbuk Special Self-Governing Province, which has built its financial industry foundation around the National Pension Service, is now directly connecting financial companies with local startups to attract investment and promote business expansion. Following the clustering of asset management offices in Jeonju, the province is creating opportunities for collaboration between financial and investment institutions and fintech companies, signaling a shift in focus from merely attracting institutions to fostering corporate growth within Jeonbuk's financial industry.

Jeonbuk Special Self-Governing Province held the 7th GENIE Forum from the 3rd to the 4th in the Jeonbuk Innovation City area, together with related organizations such as the National Pension Service and Jeonju City. Provided by Jeonbuk Provincial Government

From September 3 to 4, Jeonbuk Province held the 7th GENIE Forum in the Jeonbuk Innovation City area, in collaboration with the National Pension Service, Jeonju City, and other related organizations. The forum addressed topics such as asset management, fintech, and financial education, discussing strategies for advancing the financial industry. A distinctive feature of this year's forum was the operation of programs that not only included policy discussions for establishing a financial center, but also led to tangible investment and corporate partnership opportunities.

The expert forum held at the National Pension Service Fund Management Center focused on the growth potential of the asset management ecosystem centered on the National Pension Service.

Experts from Jeonbuk Research Institute, Korea Institute of Finance, Jeonbuk National University, as well as representatives from the National Pension Service, BNY, KB Asset Management, Hanwha Asset Management, and other financial institutions gathered to discuss the current status and future challenges of Jeonbuk's financial industry. Executives from financial companies such as KB, Hanwha, IBK, Woori, Shinhan, and NH introduced the reasons behind opening their Jeonju offices, their expectations for the local financial market, and their future business plans.

An area of particular focus for Jeonbuk in its drive to become a financial hub is linking the clustering of the National Pension Service and asset management companies to the regional economy. The financial industry can only serve as a new growth engine if, along with the entry of financial institutions, the area also develops a structure where financial professionals, related companies, and the fintech sector establish a local presence together.

Alongside the GENIE Forum, the "Financial Innovation Startup Level-Up Workshop" was held to facilitate practical connections and increase the investment potential for local financial startups. With 14 local financial innovation startups participating, financial and investment institutions—including subsidiaries of Woori Financial Group such as Woori Bank and Woori Card, as well as KB Financial, JB Investment, and JB Technology Holdings—held one-on-one consultations with the companies.

The startups presented their business models and technologies to investors and financial institutions, exploring concrete possibilities for investment attraction, collaboration within the financial sector, and market expansion. In the 'Fintech IR Demoday' event targeting investors, seven companies selected for the financial innovation venture startup support program took part. These companies directly explained their technology, business models, and growth potential as they sought investment opportunities.

Jeonbuk's strategy for nurturing its financial industry has so far concentrated on attracting financial institutions to Jeonbuk Innovation City, home of the National Pension Service. 

Unlike the manufacturing sector, the competitiveness of the financial industry is directly linked to the connection between companies, professional talent, and investment capital. Therefore, a key challenge is how many points of interaction can be created between financial firms and local businesses. The fact that the GENIE Forum organized both business meetups and investment briefings between financial institutions and startups reflects the very nature of this industry.

Based on the feedback collected during the forum, Jeonbuk Province plans to develop concrete policy tasks to further the clustering of financial institutions and expand the foundation of its asset management industry.

If Jeonbuk establishes a financial ecosystem that connects attracting financial institutions to investment, startup support, and business commercialization, attention is focused on whether its financial industry can become a new growth engine for the local economy.

Lee Wantak, Governor of Jeonbuk Province, said, "The insights of Korean and international financial experts and the interest of our residents expressed at the GENIE Forum will serve as valuable foundations to strengthen the competitiveness of Jeonbuk's financial industry. We will faithfully incorporate the diverse proposals discussed into our financial industry policies and continue to reinforce Jeonbuk’s financial ecosystem."

This content was produced with the assistance of AI translation services.