[DigitalToday reporter Sangyeop Oh] Hana Securities said on March 30 it signed a memorandum of understanding with the Busan Center for Creative Economy and Innovation to revitalise the startup ecosystem in Busan and expand the supply of venture capital.

Under the agreement, the two sides plan to cooperate on forming and operating investment funds for early-stage startups in Busan, and jointly pursue the discovery of promising local startups and investment linkages.

They also agreed to share networks to recommend investment portfolios in promising startups and expand follow-on investment, while strengthening support systems by growth stage for local companies.

As the first step under the agreement, Hana Securities will invest in the Busan Global Bridge Investment Association fund set up by the Busan Center for Creative Economy and Innovation, moving to expand the supply of venture capital to innovative companies in Busan.

It plans to increase investment in promising startups and innovative companies based in the region and continue providing funding tailored to the growth stage of local companies.

It also plans to provide financial support across the entire growth process, from initial investment and follow-on investment to scale-up and listing, and to support entry into capital markets through its role as lead manager, as part of efforts to revitalise the local startup ecosystem and boost regional economic vitality.

Kim Dong-sik (김동식), head of Hana Securities' corporate finance division, said the agreement is aimed at linking practical growth capital to promising startups and innovative companies in Busan and contributing to revitalising the local startup ecosystem. He said the company will continue to practise productive finance that contributes to the growth of innovative companies outside the capital region and to boosting regional economic vitality by expanding the supply of venture capital.