KakaoBank Completes Program Supporting Fintech Startups' Indonesia Expansion

KakaoBank, in cooperation with the Korea Fintech Support Center, successfully concluded 'FIN:NECT Global', a corporate social responsibility activity supporting the overseas expansion of domestic fintech startups, in Jakarta, Indonesia, from July 1st to 4th. This program selected promising fintech companies hoping to explore global markets and arranged opportunities for local exchange, providing comprehensive support including flights, accommodation, overseas living expenses, and even tailored consulting for global market penetration after returning home. Four startups, meticulously selected through a domestic demo day process, participated in this program: 'Moneyguard Service', a mobile bond management platform; 'Forest Jalan', a Southeast Asia Real World Asset (RWA) financial platform; 'Pin Profile', an AI-based credit analysis solution; and '276 Holdings', an SME accounts receivable digitization and securitization service. In particular, 'Pin Profile' and 'Forest Jalan' have already established Singaporean entities, demonstrating high interest and growth potential for the Southeast Asian market across all participating companies. The local schedule in Indonesia began with a visit to the KOTRA Jakarta office and comprised a variety of programs including listening to presentations on the local fintech market status, 1:1 meetings (IR) with potential partners, and a fintech stakeholder workshop. Through this, domestic fintech companies had a valuable opportunity to deeply understand the unique characteristics of the Indonesian market and expand their network with partners and investors. KakaoBank stated that it planned this program, recognizing the significant barriers startups face when entering global markets alone, and to open up new market exploration opportunities for promising fintech companies. Furthermore, in the second half of this year, it plans to expand its support by operating a Singapore program after a recruitment process. In this way, KakaoBank and the Korea Fintech Support Center have been supporting the growth of fintech startups in various ways for three years, and through various programs such as 'Fintech Challenge' for prospective entrepreneurs and 'Fintech Innovation School' for assisting the growth of early-stage startups, they are playing a leading role in creating a safe and innovative financial ecosystem.