SEOUL, Jun. 7 (Korea Bizwire) — A new payment system will be implemented aimed at addressing one of the top difficulties small businesses face, payment processing charges. Hong Jong-hak, the minister of SMEs and Startups, stated at a gathering relating to the issue today that an innovative payment system is needed to relieve small businesses [...]
SEOUL, Apr. 23 (Korea Bizwire) — The total amount of investment in startups reached a record high 634.8 billion won (US$594 million) in the first three months of the year amid hopes of lucrative returns, government data showed Monday. The amount is up 56.6 percent from 405.4 billion won tallied a year earlier, according to [...]
SEOUL, Apr. 23 (Korea Bizwire) — South Korea’s small and medium enterprises (SMEs) are seeking to expand into overseas markets as they face mounting challenges at home, a poll by a local think tank showed Sunday. According to the Center for Large and Small Business Cooperation, 85.5 percent of all SMEs in the country said [...]
SEOUL, Mar. 12 (Korea Bizwire) — Smart contracts based on blockchain technology can effectively prevent delays in payments for delivered goods and make it impossible to unilaterally alter original contracts, a local think tank said Sunday. The report by Korea Small Business Institute (KOSBI) said blockchains can open new horizons for how small and medium [...]
SEOUL, Feb. 26 (Korea Bizwire) — South Korean small and medium-sized companies have a harder time borrowing from lenders than companies in other Organization for Economic Cooperation and Development (OECD) economies, official data showed Saturday. According to the Paris-based economic organization and the National Assembly Budget Office (NABO), the loan request rejection rate stood at [...]
SEOUL, Feb. 26 (Korea Bizwire) — The government said Saturday that it will extend exemptions on various charges for manufacturing startups, translating into sizable benefits going forward. The Ministry of SMEs and Startups said the recent passage of the small and medium enterprise (SME) support plan through parliament will permit newly founded companies to be [...]
SEOUL, Dec. 18 (Korea Bizwire) — The government will set up a 1 trillion-won (US$918 million) fund to restructure struggling small and medium-sized enterprises (SMEs) as part of its drive for “market-oriented” corporate restructuring, officials said Monday. Under the scheme, eight state-run and retail banks, including Korea Development Bank, will raise 500 billion won by [...]
SEOUL, Sept. 22 (Korea Bizwire) — The government said Friday it will soon come up with measures to get big businesses to share profits with subcontractors. The government will complete a study on a viable profit-sharing model by the end of the year so a bill could be presented to the National Assembly for passage [...]
SEOUL, Sept. 19 (Korea Bizwire) — South Korea’s smaller firms have lost nearly 86 percent of patent suits against large businesses this year due mainly to their lack of legal expertise and resources to protect their intellectual properties, a lawmaker said Tuesday. Citing data from the Korea Intellectual Property Office, Rep. Kim Jung-hoon of the [...]
SUWON, Sept. 14 (Korea Bizwire) – A new survey has revealed that nearly half of small and medium-sized South Korean companies that focus on the new technologies such as smart health care and drones face difficulties due to ‘too many regulations,’ with the resulting economic damages estimated to reach 200 million won per company. The [...]