Korean brokerages are beginning to see the potential in crowdfunding, according to reports by the Korean Herald.

IBK Securities and Korea Asset Securities are among Korean financial firms applying for licenses to run equity crowdfunding platforms. An official at the Financial Services Commission commented:

“Under the registration system, those who meet the basic requirement such as the amount of capital will get a green light to launch the service.”

Investment crowdfunding was legalised in Korea in July last year, opening up the market to Korean start-ups who ha previously been limited to VC or angel investment. The country already had a booming rewards-based crowdfunding market, with platform Tumblebug raising over 40 million dollars by May 2015. Five platforms, Yinc, Wadiz, Ucanstart, SFRfunding and Opentrade, have been operating online crowdfunding businesses since January, after having registered with the FSC.

08/03/2016