NH Bank is launching financial support for food tech companies to enhance the competitiveness of the K-Food industry. The initiative focuses on identifying companies with technological capabilities and assisting them in securing funding and entering global markets.
On July 7, NH Bank announced it has signed a memorandum of understanding (MOU) with the Korea Food Industry Association and the Technology Guarantee Fund for financial support of food tech companies aimed at expanding K-Food globally.
This agreement comes as interest in K-Food grows in overseas markets, aiming to support the growth of food tech companies that combine food industry and technology. Food tech refers to industries that integrate advanced technologies such as artificial intelligence, big data, and biotechnology into food manufacturing, distribution, and consumption processes.
Under the MOU, the Korea Food Industry Association will identify promising food tech companies, while NH Bank will recommend these companies to the Technology Guarantee Fund for financial support. The Technology Guarantee Fund will provide technology guarantees to the recommended companies. NH Bank will offer various financial support and tailored financial services to these companies.
The three organizations plan to establish a support system that links finance and guarantees to reduce the financial burden on food tech companies. They aim to develop financial support strategies that align with the growth stages and business characteristics of the companies, going beyond simple funding.
Eom Eul-yong, Deputy Head of Corporate Finance at NH Bank, stated, "As the financial institution closest to the food industry, we will continue to expand financial support to ensure that excellent food tech companies can grow and thrive securely."
On July 7, NH Bank announced it has signed a memorandum of understanding (MOU) with the Korea Food Industry Association and the Technology Guarantee Fund for financial support of food tech companies aimed at expanding K-Food globally.
This agreement comes as interest in K-Food grows in overseas markets, aiming to support the growth of food tech companies that combine food industry and technology. Food tech refers to industries that integrate advanced technologies such as artificial intelligence, big data, and biotechnology into food manufacturing, distribution, and consumption processes.
Under the MOU, the Korea Food Industry Association will identify promising food tech companies, while NH Bank will recommend these companies to the Technology Guarantee Fund for financial support. The Technology Guarantee Fund will provide technology guarantees to the recommended companies. NH Bank will offer various financial support and tailored financial services to these companies.
The three organizations plan to establish a support system that links finance and guarantees to reduce the financial burden on food tech companies. They aim to develop financial support strategies that align with the growth stages and business characteristics of the companies, going beyond simple funding.
Eom Eul-yong, Deputy Head of Corporate Finance at NH Bank, stated, "As the financial institution closest to the food industry, we will continue to expand financial support to ensure that excellent food tech companies can grow and thrive securely."
* This article has been translated by AI.
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