The Ministry of SMEs and Startups (MSS) in Korea successfully launched ‘K-Innovation Day in Singapore’ at Conrad Singapore Orchard Hotel on the 26th, announcing the creation of a global fund in collaboration with three investment firms. On the first day of the event, part of a two-day visit to Singapore, MSS established a global fund of $270 million (KRW 378 billion). That same day, Korean startups secured three investment agreements totaling $4 million.

The event attracted 80 major investment firms from Singapore, including Pavilion Capital, a sovereign wealth fund investment firm, Vertex, and OCBC. Global corporations like Thales, Oracle, and Dassault Systèmes also participated, bringing the total attendance to over 300, including 52 Korean startups, reflecting significant interest in the international expansion of Korean startups.

MSS has ambitious plans to increase the ASEAN region’s global fund by more than $1 billion by 2027 and aims to support the international growth of domestic ventures and startups by drawing over $300 million in investments into Korean startups.

Specific investments in Korean startups included $1 million (KRW 1.4 billion) from the Singaporean investment firm ‘CENTO’ for ‘CrePASS’, and $2.2 million (approximately KRW 3 billion) from the Malaysian investment firm ‘RHL’ for ‘FIRMMIT’. Additionally, the Singaporean investment firm ‘Altara’ decided to invest USD 740,000 (KRW 1 billion) in ‘Hyperlounge’, commemorated with an investment signing ceremony.

These funded startups are expected to actively expand into Singapore and the ASEAN region, and the investment firms involved are anticipated to continue their interest and consider further investments in more domestic startups.

At the event, global companies participating in MSS’s ‘Global Corporate Collaboration Program’, a flagship public-private partnership startup support initiative, also signed a business agreement (MOU) with the Korea Institute of Startup and Entrepreneurship Promotion. Thales, a global leader in defense, aerospace and aviation, and cybersecurity, will join the ‘Global Corporate Collaboration Program’ starting next year, based on this MOU. Amazon Web Services and Dassault Systèmes are committed to actively supporting Korean startups in entering the Asian market through the ‘Jungle’ and ‘Daonda’ programs of the ‘Global Corporate Collaboration Program’.

Furthermore, Daehee Lee, Policy Director of MSS, joined by representatives from global companies such as Oracle and Thales, and domestic startups, participated as panelists in a discussion focused on global open innovation, sharing their insights. Following this, the ‘K-Startup Meetup’ featured one-on-one meetings between 37 promising K-startups, including those based in ‘KSC Singapore‘, and local investors and experts.

MSS Minister Oh Young-joo stated, “The Ministry of SMEs and Startups will establish a global fund exceeding $1 billion by 2027 in the ASEAN region to propel K-startups into leading global markets, while forging partnerships with global corporations in Singapore. We are committed to leading in global open innovation and facilitating the entry of our ventures and startups into the ASEAN region.”