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Financial bodies to raise 150 bln won to foster ventures

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(Globalpost/GlobalPost)

SEOUL, June 18 (Yonhap) -- South Korea's major financial bodies plan to raise 150 billion won (US$132.5 million) for a joint fund to foster venture firms, the Korea Financial Investment Association (KOFIA) said Tuesday.

Around 60 percent of the fund raised by the KOFIA, the Korea Exchange (KRX), the Korea Securities Deposit, the Korea Securities Finance Corp., and Koscom Corp. will be invested in firms listed on the Korea New Exchange (KONEX) market, it added.

Slated for opening on July 1, the KONEX market aims to support the growth of innovation-driven start-ups. It will be managed by the KRX, operator of the benchmark Korea Composite Stock Price Index (KOSPI) and the tech-heavy KOSDAQ market.

The five institutions agreed to raise 50 billion won by the end of this month and gradually increase the amount to 150 billion won around October.

The KOFIA added the related institutions are discussing details of the fund's operation.

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