Nation’s First Jeonbuk Fintech Support Center Launches: “Fostering the Digital Finance Industry” – The Asia Business Daily

A Hub for Attracting Financial Companies and Supporting Startups Established
Identifying Promising Companies… Connecting Them with the Local Financial Industry

Jeonbuk Special Self-Governing Province has launched the country’s first dedicated institution to attract fintech companies and support their establishment and growth, as it sets out to foster the digital finance industry.

Jeonbuk Special Self-Governing Province held the opening ceremony for the Jeonbuk Fintech Support Center on the sixth floor of the Jeonbuk Techno-Biz Center on October 26. The event was attended by Jeonbuk Governor Lee Won-taek, Wanju County Governor Yoo Hee-tae, Korea Fintech Support Center Chairman Kim Geon, and representatives of financial institutions and fintech companies.

The Jeonbuk Fintech Support Center was established to revitalize the fintech promotion district created in and around Jeonbuk Innovation City and the Manseong District. Fintech combines the words “finance” and “technology” and encompasses various fields, including mobile payments, online remittances, artificial intelligence (AI)-based financial services, and data analytics. As financial services are being reshaped around digital technologies, the role of local governments in attracting related companies and supporting technology-based startups is also becoming increasingly important.

The Jeonbuk center was established under the Jeonbuk Special Act and the ordinance on fostering Jeonbuk’s financial industry. It will be operated by the Jeonbuk Center for Creative Economy and Innovation, which has experience supporting venture startups in the financial sector and operating a big data center and shared offices. Lee Byeong-ryeol has been appointed as the center’s director.

Its main responsibilities include operating a support hub for fintech companies, identifying and nurturing prospective entrepreneurs and early-stage startups, and building a local fintech industry ecosystem.

The center plans to hold briefings in the Seoul metropolitan area and elsewhere to attract fintech companies, and to promote Jeonbuk’s industrial base and support policies by taking part in local startup festivals and Korea Fintech Week. It also plans to expand exchanges among companies in the fintech and data sectors to create opportunities for business partnerships and establish a support system in cooperation with financial institutions.

Before its opening, the center began setting up its office space early in October. Since October 14, it has been running the “2026 Fintech Rising Star Challenge” contest. The contest is intended to identify companies with growth potential and raise awareness of the Jeonbuk Fintech Support Center’s role and support programs.

The challenge ahead is to turn the center’s establishment into tangible results in attracting companies and creating jobs. For companies to establish themselves in the region, they need support at each stage of growth—not only office space and assistance with launching their businesses, but also help attracting investment, cooperating with financial institutions, and securing skilled workers.

Jeonbuk Governor Lee Won-taek said, “Fintech companies are using key technologies of the Fourth Industrial Revolution to develop new business models and lead the market. We will support the Jeonbuk Fintech Support Center so that it can become a regional hub for identifying and nurturing promising companies with the potential to grow into unicorn companies.”

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