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Fintech startup representatives at VSV Capital Demo Day on November 11, 2024. Photo courtesy of VSV Capital |
The Global Market Expansion Program (GMEP), funded by the Korea Institute of Startup and Entrepreneurship Development (KISED) under South Korea’s Ministry of SMEs and Startups, aims to help startups grow internationally.
This initiative, now in its second year in Vietnam, marks VSV Capital’s seventh consecutive year of partnering with KISED to accelerate global startups in South Korea.
In its 2024 edition, with a special focus on fintech, VSV Capital collaborated with Fintech Center Korea and Lotte Ventures to provide tailor-made training for Korean startups preparing to enter the Vietnamese market.
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Chrystie Dao, Venture Partner at VSV Capital and Managing Director of the VSV Foundation, delivers a speech at the event. Photo courtesy of VSV Capital |
Chrystie Dao, Venture Partner of VSV Capital, highlighted the potential of Vietnam’s young and tech-loving population, which presents exciting growth prospects for fintech startups.
However, Dao emphasized the need for startups to adapt to local culture, learn from board feedback, and refine their solutions to deliver real value to Vietnamese customers.
This year’s GMEP featured several noteworthy fintech companies.
Companies like 276 Holdings, which securitizes SME customer accounts, and Credos Partners, which specializes in asset securitization, have presented unique offers.
Others, like MOFIN, OneCup, Quantit and Uproot, leverage AI to optimize investment strategies. Innovative companies like AIZEN, targeting the electric two-wheeler market, or Allink, providing an NFC-based solution, and Life, offering a 3D-VR interior design experience, also presented their technologies.
In the services sector: Pierrot has revamped its phone rental service with the “phoneGO” application; Homenay creates solutions for K-Lifestyle brands; InfoPlus offers BaaS for businesses and financial companies; and Social Trust offers short-term microloans with digital credit scores.
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Startup 276 Holdings presents its project at GMEP Demo Day 2024. Photo courtesy of VSV Capital |
For Korean startups planning to expand into Vietnam, Gibs Song, general partner of VSV Capital, highlighted the importance of building trust with Vietnamese investors.
He noted that VSV had facilitated introductions to local investors, helping Korean startups prepare for the Vietnamese market. “There have been small successes,” Song noted, “and we are optimistic that major breakthroughs can be made soon.”
The program also included strategic advice from seasoned advisors, providing startups with essential insights into the local market, such as: Han Ngoc Vu, CEO of VIB (Vietnam International Bank); Johan Nyvene, president of HSC (Ho Chi Minh City Securities Corporation); Khue Dinh, country president of Chubb Insurance Vietnam; Jithin Chandy, National Sales Manager – Global Payments Solutions at HSBC Vietnam; and Nga Angie Nguyen, Advisor – M&A and Investment.
Jeon Young Min, CEO of Lotte Ventures, announced the establishment of a foreign-invested startup investment fund in Vietnam, the first of its kind, focused exclusively on Vietnamese startups.
He expressed confidence that this would catalyze new opportunities for Vietnamese startups in international markets, including South Korea, Japan and Silicon Valley.
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Jeon Young Min, CEO of Lotte Ventures. Photo courtesy of VSV Capital |
Established in 2014, VSV Capital is Vietnam’s pioneering startup accelerator, focusing on pre-seed to Series B investments.
Since its establishment under the Vietnam Silicon Valley project, VSV Capital has accelerated more than 200 startups and made more than 90 investments, making it a key player in Vietnam’s startup ecosystem.
This latest collaboration with Lotte Ventures further strengthens ties between the Vietnamese and South Korean markets, further promoting the global expansion of startups from both countries.