KB Financial Group to help startups advancing into markets overseas
KB Financial Group announced that it is looking for startups to participate in its global proof of concept (PoC) program with major corporations overseas. The program, which KB launched jointly with the Korea International Trade Association (KITA), aims at supporting startups planning to advance into overseas markets.
KB Financial Group headquarters in Seoul / Courtesy of KB Financial Group
PoC refers to a series of testing processes conducted by companies to verify the feasibility of introducing new technologies or products.
If a company wants to adopt services from startups with specific technological expertise, it can first conduct test projects with the startup to assess the technical capabilities and collaboration potential. As for the startups, meanwhile, the PoC program provides an opportunity to introduce their products and services as well as getting customer feedback, which ultimately helps them enter the market.
A spokesperson for KB explained that the program will provide domestic startups facing challenges in securing international customers with an opportunity to perform PoCs with major corporations located in Singapore, such as Oversea-Chinese Banking Corporation and P&G, starting December.
The application for the program is open until Nov. 6, and those selected will be funded by KB regarding the necessary costs for their participation in the PoC program. The KITA, meanwhile, will identify overseas companies, particularly those included among the Fortune 500 companies, to participate in the program and provide guidance regarding execution of the program.
"Domestic startups are seeking advancement into markets overseas in various forms, including corporate establishment and R&D collaboration with overseas companies. We will continue to expand the testing beds where they can test products and verify commercialization possibilities in markets overseas," an official at KITA said.
"Most startups that venture into markets overseas face significant challenges in pioneering unfamiliar market environments. We will continue to run various programs to support them, helping them grow into global unicorn companies,” the KB spokesperson said.
KB Financial has been making continuous efforts to support global expansion of domestic startups, running startup cultivation programs since 2015. In September last year, it opened a fintech lab in Singapore to aid startups in their overseas expansion. KITA has also been supporting startups with various projects, including global PoC programs and R&D collaborations with foreign companies.