April. 10. 2022
IBK chief pledges to boost business support after business trip to Silicon Valley
|Industrial Bank of Korea (IBK) CEO Yoon Jong-won, left, signs a memorandum of understanding with 500 Global CEO Christine Tsai in California on April 6. Courtesy of IBK|
By Anna J. Park
Industrial Bank of Korea (IBK) CEO Yoon Jong-won concluded a six-day visit to Silicon Valley, which aimed to reinforce the state-owned bank’s policy goal of bolstering support for startups in Korea.
According to the bank on Sunday, Yoon met with various global accelerators and US-headquartered venture capital firms during the visit, including Startup 500, Plug and Play and Y Combinator, discussing ways to support and strengthen more innovative venture capital firms. The boss of IBK listened to their success stories, aiming to put their know-how at the service of the bank’s risk capital policies.
In particular, Yoon signed a memorandum of understanding with 500 Startups, a US-based venture capital firm, pledging to forge partnerships through startup investment, support and acceleration. process.
Yoon also visited Silicon Valley Bank (SVB), which has more than three decades of expertise in providing loans to venture businesses, and discussed ways to provide financial support to entrepreneurs based on their growth potential rather than on the basis of their financial statements.
After concluding the business trip, Yoon once again pledged to strengthen the bank’s support for the local venture capital industry – a task he has prioritized and insisted on for some time. since becoming CEO in 2020.
“During the visit to Silicon Valley, the bank discussed closely with global accelerators ways to cooperate to better support local startups, while monitoring the innovative venture capital ecosystem of the United States,” said the CEO. “IBK will strengthen its support for start-ups and its role in offering them assistance to overcome the ‘valley of death’ period,” he added.