Kwon Hyung-taek, Chairman of the Korea Technology Finance Corporation, announced on October 22 that he aims to accelerate the organization's transition from technology guarantees to a comprehensive support agency for technological innovation, in response to the AI transformation and the cultivation of future strategic industries.
The corporation plans to establish a comprehensive technological innovation support system that organically links technology evaluation, technology transactions, technology protection, mergers and acquisitions (M&A), and commercialization of research and development (R&D), moving beyond its traditional focus on technology guarantees.
To achieve this, the organization will refine its operational framework, considering the characteristics of financial and non-financial support, and strengthen its institutional foundation to effectively respond to the needs of innovative companies at various stages of growth.
In particular, the corporation is reviewing a restructuring of its system to expand its technological innovation support functions in line with the government's policy of becoming a global leader in venture capital through the 'Third Venture Boom.' A related bill has been submitted to the National Assembly, and specific implementation plans will be sought through discussions in the Assembly and consultations with relevant ministries.
The corporation will also enhance its core competitiveness in technology evaluation. It plans to refine its AI-based evaluation model based on accumulated expertise and extensive technology and company data, allowing for a more accurate and objective assessment of companies' technological capabilities and future growth potential.
Moreover, it will incorporate the technological characteristics and industrial environment changes of future strategic industries such as AI, semiconductors, and advanced manufacturing into its evaluations, while increasing the utilization of an open technology evaluation platform to bolster the support capabilities necessary for the commercialization and growth of innovative companies.
Additionally, the results of technology evaluations will be linked to various support programs, including guarantees, investments, and technology transactions, thereby strengthening a comprehensive support system that encompasses both financial and non-financial assistance from the discovery of excellent technologies to their commercialization and corporate growth.
Despite the recent boom in the semiconductor industry, concerns have been raised that the benefits are concentrated among large corporations, leaving related small and medium-sized enterprises (SMEs) in materials, parts, and equipment without sufficient growth opportunities.
In response, the corporation is actively working to secure stable financial resources to help SMEs and venture companies compete in the global market amid rapidly changing global trade environments and technological hegemony.
To address the explosive increase in financial demand at various growth stages of innovative companies, particularly in future strategic industries like AI and semiconductors, the corporation is exploring various measures to strengthen its financial foundation, including increasing government contributions.
It is also reviewing possibilities for additional funding in connection with the government's financial investment policies aimed at fostering national future growth engines and plans to continuously expand cooperation with relevant ministries and financial institutions.
So far, the corporation has expanded its financial support base through public-private partnerships, including agreements worth 975 billion won with Woori Bank for strategic industries such as semiconductors, physical AI, and AI data centers, up to 500 billion won with Hyundai Mobis and Hana Bank for partner companies, and 100 billion won with Hyundai Motor, Kia, and IBK Industrial Bank for vehicle semiconductor partner companies.
The corporation aims to secure the sustainability of policy finance through proactive financial expansion and systematic risk management, enhancing support for SMEs and venture companies with technological capabilities and growth potential to boldly challenge the global market.
Meanwhile, Chairman Kwon took office on July 15 of this year. Since then, he has continued to visit corporate sites, emphasizing field-centered management.
Kwon stated, "The past 100 days have been a time to clarify the direction the Korea Technology Finance Corporation should take based on the voices from the field. In the future, I will do my best to establish a comprehensive support foundation for technological innovation through the restructuring of the organization and the enhancement of technology evaluation capabilities, while also securing a stable financial base to support this effort."
* This article has been translated by AI.
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