MOI aims to create more two-way opportunities which will benefit over 100 Singaporean startups and up to 60 Korean startups
SINGAPORE – 11 OCT 2022
Enterprise technology companies in Singapore will now have greater access to the Korean tech ecosystem. The Infocomm Media Development Authority (IMDA) and leading Korean startup hub, D·CAMP, signed a memorandum of intent (MOI) at PIXEL on Tuesday to become IMDA’s Landing Pad partner in Korea.
D·CAMP is Korea’s largest startup accelerators with a portfolio of more than 260 startups and operates more than US$744 million in assets under management. As a Landing Pad partner, D·CAMP will shortlist companies from IMDA’s Accreditation and Spark programmes and facilitate their access into Korea. Selected companies can tap on the US$120M investment fund from D·CAMP and its partners, as well as look forward to a 1-year incubation space, business matchmaking with large Korean corporates.
Mr Justin Ang, Assistant Chief Executive, Media, Innovation, Communications & Marketing said, “We are absolutely delighted to have found such a like-minded partner in D·CAMP to add Korea to our list of Landing Pad partnerships. Korea is one of the world’s leading economies with a highly mature tech and media market, filled with many global enterprises that are household names. This new agreement creates fantastic opportunities for tech companies across both Singapore and Korea to accelerate their growth and expand internationally. We encourage Singapore tech companies to take full advantage of the new investment, incubation and business matchmaking opportunities made available by D·CAMP, and to grow their businesses further in Korea.”
Mr Youngduk Kim, Executive Director, D·CAMP said “The initiative for D·CAMP began with a simple question of how banks can contribute towards a sustainable economic growth. D·CAMP, with the backing of Korea's major banks, will lead efforts to open Korea’s startup borders towards international entrepreneurs and we hope this MOI will lead to many more opportunities.”
As part of the MOI, IMDA will also engage Korean startups in D·CAMP’s portfolio and provide access to the Singapore market through the Accreditation and Spark programmes to selected companies. Korea has a thriving startup ecosystem of over 120,000 startups, and is widely recognized for its expertise in 5G, advanced manufacturing, AI/Data, which are similar areas of focus for Singapore.
With this partnership, D·CAMP becomes IMDA’s first Landing Pad partner in Korea, joining other Landing Pads in China, Spain, Japan, UK and other international ecosystem partners. In setting up a network of Landing Pads, IMDA is looking to enrich and diversify Singapore’s tech ecosystem and talent pool by working with partners to bring in promising international startups.
About Infocomm Media Development Authority (IMDA)
The Infocomm Media Development Authority (IMDA) leads Singapore’s digital transformation with infocomm media. To do this, IMDA will develop a dynamic digital economy and a cohesive digital society, driven by an exceptional infocomm media (ICM) ecosystem – by developing talent, strengthening business capabilities, and enhancing Singapore's ICM infrastructure. IMDA also regulates the telecommunications and media sectors to safeguard consumer interests while fostering a pro-business environment, and enhances Singapore’s data protection regime through the Personal Data Protection Commission.
For more news and information, visit www.imda.gov.sg or follow IMDA on LinkedIn (@IMDA), Facebook (@IMDAsg) and Instagram (@IMDAsg).
d·camp, operated under the Banks Foundation for Young Entrepreneurs, is a non-profit organization funded by 19 banks in Korea. Established in 2013, it is a major hub of Korean startups aiming to foster entrepreneurship among young generations and encourage bright minds with new ideas to do everything they dream of. Banks Foundation for Young Entrepreneurs was founded in May 2012 by 19 major Korean financial institutions who donated $744M.
d·camp is located in the heart of Gangnam, Seoul with a 30,000 sqft space consisting of co-working space, lounge area, event halls, and offices for promising startups. In July 2020, it also branched out to Mapo-gu, Seoul under the name ‘FRONT1.’ Startups can gain access to various resources, programs, and infrastructure for business growth at any of our locations. The organization also actively invests in prospective startups and operates startup funds valued at a total of USD 8.8bn as of Dec. 2020.
(Mr) Patrick Lim
(Communications and Marketing)
DID: (65) 6202 4469
(Mr) Kenneth Tan
(Communcations and Marketing)
DID: (65) 9367 1013