IBK chief vows to strengthen venture support after Silicon Valley business trip

Industrial Bank of Korea (IBK) CEO Yoon Jong-won, left, signs an MOU with 500 Global CEO Christine Tsai in California on April 6. Courtesy of IBK

By Anna J. Park

Industrial Bank of Korea (IBK) CEO Yoon Jong-won wrapped up a six-day visit to Silicon Valley, which was aimed at strengthening the state-owned bank’s policy goal of boosting support for venture startups in Korea.

According to the bank on Sunday, Yoon met with various top global accelerators and venture capital firms headquartered in the U.S. during the visit, including 500 Startups, Plug and Play and Y Combinator, discussing ways further to support and strengthen innovative venture companies. The IBK chief listened to their success stories, aiming to employ their know-how in the bank’s venture capital policies.

In particular, Yoon signed an MOU with 500 Startups, a U.S.-based venture capital firm, vowing to forge partnerships through startup investments, support and accelerating processes.

Yoon also visited Silicon Valley Bank (SVB), which has more than three decades of expertise in offering loans to venture companies, and discussed ways to offer venture financing support to entrepreneurs based on their growth potential, rather than based on their financial statements.

After wrapping up the business trip, Yoon once again vowed to strengthen the bank’s support for the local venture sector ― a task that he has prioritized for some time and stressed since he became CEO in 2020.

“During the visit to Silicon Valley, the bank closely discussed with global accelerators ways to cooperate to better support local startup companies, while monitoring the U.S.’ innovative venture ecosystem,” the CEO said. “IBK will strengthen its support for startup businesses and its role to offer help for them to overcome the ‘death valley’ period,” he added.