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KB Financial Group to support startups seeking overseas expansion
KB Financial Group headquarters in Seoul / Courtesy of KB Financial Group
KB Financial Group selected four domestic startups to participate in the global proof of concept (PoC) program that it jointly launched with the Korea International Trade Association (KITA) to support domestic startups aspiring to expand overseas.
PoC refers to a series of testing processes that a company conducts to verify the feasibility of new technologies or products before adopting them.
The global PoC program is a new initiative launched by KB Financial Group this year to provide substantial support for domestic startups seeking overseas expansion. They can introduce their products and services to major overseas companies and receive customer feedback through the program, assessing the potential for overseas expansion.
After initial document screening on 87 domestic startups that applied for the program, the final four startups were selected through one-on-one interviews with Singapore-based major corporations.
In collaboration with KITA, the four selected startups will conduct PoC with global companies such as Oversea-Chinese Banking Corporation (OCBC) and Procter & Gamble (P&G). This partnership will continue for approximately three months until February 2024.
KB will support the startups with the necessary expenses for conducting the PoC as well as holding a Demo Day event in Singapore where the program participants will share their outcomes.
"For startups planning to advance into overseas markets, securing references such as collaboration experience with overseas partners is crucial, but it is very challenging in reality,” a KB spokesperson said.
“We will prepare diverse programs to support startups as they venture into unfamiliar overseas markets.”