The Financial Supervisory Service and Naver Pay will build a "venture capital platform" to consolidation small and venture corporations with investors. The aim is to activate productive finance by resolving information asymmetry among comprehensive financial investment businesses, venture capital (VC), and venture corporations.
The Financial Supervisory Service said on the 11th that it held a public-private joint meeting with Naver Pay at the Korea Financial Investment Association in Yeouido, Seoul, to explain the "venture capital platform." Attendees included the Ministry of SMEs and Startups, the Korea Financial Investment Association, the Korea Venture Capital Association, the Venture Business Association, securities companies, VCs, and venture corporations.
The venture capital platform is an online infrastructure where securities companies, VCs, and small and venture corporations can directly register and share investment-related information. As voices in the field noted that it is difficult to discover investment target corporations centered on comprehensive financial investment businesses, the initiative was promoted to improve information accessibility between fund suppliers and demanders.
Naver Pay will be in charge of building and operating the platform, while the Financial Supervisory Service and the Ministry of SMEs and Startups (MSS) will support establishing a cooperation system among securities companies, venture corporations, and related institutions. The Financial Supervisory Service and Naver Pay began discussing platform construction in July last year, and in May this year held three working-level meetings with the Ministry of SMEs and Startups (MSS), venture corporations, and the financial investment industry to discuss prototype testing and operating methods.
The platform will feature customized functions for each investment主体. Securities companies can search and view corporation and fund information and check the status of existing investment funds. VCs can use a funding proposal drafting tool and a customized investment corporation alert service, while corporations can use an IR materials drafting tool and a function to provide corporation information at all times. In addition to indirect investment, it will also support various forms of venture capital supply, such as direct investment by comprehensive financial investment businesses.
Based on the opinions gathered at the meeting, the Financial Supervisory Service and Naver Pay plan to finalize platform development and hold a launch ceremony in July. They plan to conduct a pilot operation for about three months afterward and improve areas for enhancement.
Hwang Sun-o, senior deputy governor for capital markets and accounting at the Financial Supervisory Service, said, "To revitalize the venture capital ecosystem, it is important to build infrastructure that is used in the field as well as institutional support," and added, "We will actively support the platform so it can be operated effectively in the market."