Seoul, December 12, 2017—
Digital revolution in
emerging markets such as Southeast Asia could create investment opportunities worth billions of dollars for Korean startups and venture capital funds. Working with multilaterals can help them explore opportunities and overcome challenges of global expansion, said experts at a workshop, which was organized by IFC, a member of the World Bank Group.
The event, which is the second Innovation Day held by IFC, brought together experienced Korean and international venture capitalists in Seoul. They shared insights into opportunities as well as challenges, which Korean startups and venture capital funds are facing in the global digital revolution.
“Digital economy can help accelerate the inclusion of the underserved, such as those in rural areas and giving opportunities to aspiring female entrepreneurs,” said Giri Jadeja, IFC Global Head for Financial Innovation. “IFC is investing in startups or venture capital funds that can have significant development impact and hopes to bring in Korean VCs and startups that can empower these solutions.”
IFC is the largest global development institution focused on the private sector in emerging markets and a leader in spurring disruptive technologies for development. IFC provides early-stage and late-stage venture capital financing through direct investments and funds. Since early 2000, IFC has invested over $1 billion in 90 venture investments. Among them, IFC has supported over 30 fintech companies and 30 venture capital funds worldwide.
“Because Southeast Asia is one of the largest consumer markets with favorable demographic trends, Korean Startups and VCs need to participate in innovation and digital transformation taking place in Southeast Asia’s emerging countries,” said Amit Anand, Co-founder and Managing Director, Jungle Ventures. “IFC is uniquely positioned as a resourceful partner to us and our portfolio companies. It has meaningful presence in most, if not all, sectors while is also actively participating in new, innovative companies creating disruption in traditional industries.”
“Emerging markets are essential for Korea’s plans to embrace the Fourth Industrial Revolution because they offer new customers and markets. In Asia alone, the revolution will generate business opportunities worth billions of dollars by 2030,” said Joon Park, IFC Resident Representative in Korea. “One of the themes at this event will be connecting Korea’s technology with the Southeast Asian market that comprises more than 500 million consumers.”
IFC launched the Innovation Day series in March this year to encourage more Korean businesses to come up with innovative solutions for emerging markets. Since 1969, IFC has invested around $2.6 billion on its own account and mobilized another $4 billion for over 80 projects, while helping Korean sponsors invest in developing countries globally.
a sister organization of the World Bank and member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. Working with more than 2,000 businesses worldwide, we use our capital, expertise, and influence to create markets and opportunities in the toughest areas of the world. In FY17, we delivered a record $19.3 billion in long-term financing for developing countries, leveraging the power of the private sector to help end poverty and boost shared prosperity. For more information, visit