British fintech firm XNTree to open Asia hub in Seoul

British fintech firm XNTree to open Asia hub in Seoul

Eric van der Kleij, special adviser on fintech and blockchains for U.K. Trade & Investment, speaks during a ceremony for the launch of the XNTree Hub Asia in Seoul at Dongdaemun Design Plaza, Seoul, Tuesday. 

/ Courtesy of British Embassy Seoul

By Nam Hyun-woo

XNTree, a British fintech firm, announced Tuesday that it will set up a Korean version of Level 39, Europe's largest accelerator for fintech firms.

During Global Fintech Demo Day at Dongdaemun Design Plaza in Seoul, the British firm said it was establishing operations in Korea to launch its XNTree Hub Asia on Yeouido within the third quarter of this year.

According to Peter Chun, head of XNTree Asia, the company believes the entity would serve as a preeminent hub bridging Asian, British and European fintech and smart city companies.

"Large companies are under pressure to innovate and innovators need to access customers, investors and new markets," said Chun. "One of the key features of the hub is to create innovation programs designed to make the connection between innovators and large companies mutually successful."

The original Level 39 is a 7,400-square-meter fintech accelerating space in Canary Wharf, London. It has more than 200 fintech startups as members, providing them with appropriate space, assistance attracting investments to grow their businesses. XNTree is also a member of Level 39.

"Korea is the perfect location for Asian market expansion," said Mick Searle, head of XNTree Global. "There exists great balance of the best connectivity, excellent technology companies, ambitious startups, government support and strategic geographical positioning."

The Financial Services Commission and Fintech Center of Korea signed a memorandum of understanding in May 2015 with Level 39 for fostering a fintech environment in Korea.

The announcing ceremony was attended by London City Lord Mayor Jeffrey Mountevans. "The new XNTree Hub Asia in Seoul will allow the Korea-U.K. relationship to flourish even further, establishing a strong flow of ideas both ways between our two countries, boosting Korea's expertise and hopefully positioning you as one of the leaders in fintech in Asia," he said.

XN Tree said it will launch the Go-West program in Level 39 for Asian companies to access the U.K. and European markets. It will also run the Go-East Program for U.K. and European companies later this year once XNTree Hub Asia opens.

http://www.koreatimes.co.kr/www/news/biz/2016/07/488_209777.html

namhw@ktimes.com

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