[Digital Today reporter Ji-young Lee] IBK Industrial Bank of Korea is joining hands with the Education Ministry and nine regional national universities nationwide to support commercialisation of innovative technologies held by universities and to foster regional startups.

The bank said on July 28 it signed a multilateral business agreement with the Education Ministry and nine regional national universities to support the commercialisation of innovative university technologies and the regional startup ecosystem.

The universities participating in the agreement are Kangwon National University, Kyungpook National University, Gyeongsang National University, Pusan National University, Chonnam National University, Chonbuk National University, Jeju National University, Chungnam National University and Chungbuk National University.

The agreement was designed to promote the transfer and commercialisation of technologies held by regional universities and support the growth of university startups through cooperation among the government, financial companies and regional national universities.

IBK plans to build a cooperation framework to commercialise innovative technologies held by universities, foster promising university startups, link them to investment and identify promising local companies.

It will also pursue matching commitments to a dedicated fund for research- and technology-based startups at regional national universities. It plans to support commercialisation and investment attraction for regional startups by providing practical startup education and opportunities for investor relations presentations.

Jang Min-young (장민영), head of the bank, said he hopes the agreement will become a foundation to help the growth of university startups with innovative technologies. He said the bank will support the growth of innovative companies and the revitalisation of regional startup ecosystems.