The Korean Intellectual Property Office (KIPO) and Woori Bank have joined forces to expand financial support for regional innovative enterprises through intellectual property (IP) finance. On April 14, the two organizations held a business agreement ceremony at Woori Bank’s main office in Jung-gu, Seoul, to promote the vitalization of regional IP finance and lay the foundation for financing the growth of local small and medium-sized enterprises (SMEs).
This agreement marks the first instance where KIPO has directly collaborated with a commercial bank to expand the regional IP finance ecosystem. The aim is to address structural blind spots through public-private cooperation.
IP-backed loans grew more than threefold from approximately 700 billion KRW at the end of 2019 to about 2.15 trillion KRW by the end of 2024. However, over 60% of these loans are concentrated in the capital region, while only 13% are in the Chungcheong region, 17.6% in the Gyeongsang region, 7.4% in the Jeolla region, and a mere 1.5% in the Gangwon region.
Through this agreement, KIPO plans to actively identify excellent regional companies, such as IP management certified companies, by utilizing the regional IP centers (RIPC) nationwide. Woori Bank will support IP-backed loans and provide tailored financial consultations using its regional BIZ Prime Centers as bases. The goal is to establish a “customized” support system that goes beyond mere loans to meet the specific conditions of each company.
Woori Bank President Jeong Jin-wan stated, “We will provide comprehensive financial services to enable regional companies with excellent technology and IP to achieve substantial growth,” and expressed hopes that this agreement would be a turning point for regional IP finance.
Kim Wan-gi, Commissioner of KIPO, emphasized, “For regional companies with technology but facing difficulties in raising funds, IP finance is an important growth ladder,” and pledged to actively support regional companies with premium patents to enhance their competitiveness in the global market.
KIPO plans to continue building the foundation for regional-centric IP finance activation by expanding cooperation with other commercial banks, following this agreement.