{"id":2201237,"date":"2023-06-01T19:42:08","date_gmt":"2023-06-01T10:42:08","guid":{"rendered":"https:\/\/koreapro.org\/?p=2201237"},"modified":"2023-06-02T17:43:25","modified_gmt":"2023-06-02T08:43:25","slug":"from-boom-to-gloom-rising-interest-rates-deliver-blow-to-south-korean-startups","status":"publish","type":"post","link":"https:\/\/koreapro.org\/2023\/06\/from-boom-to-gloom-rising-interest-rates-deliver-blow-to-south-korean-startups\/","title":{"rendered":"From boom to gloom: Rising interest rates deliver blow to South Korean startups"},"content":{"rendered":"

As nations across the globe grapple with soaring inflation, South Korea finds itself in an anomalous economic situation.\u00a0<\/span><\/p>\n

While inflation hit a 14-month low of <\/span>3.7%<\/span><\/a>, far below the dizzying <\/span>9.1%<\/span><\/a> seen in the U.S. last June or the U.K.\u2019s <\/span>10.1%<\/span><\/a>, Seoul has still had to respond to a worldwide monetary tightening cycle by <\/span>raising<\/span><\/a> interest rates. And this decision has delivered a blow to South Korea\u2019s vibrant startup scene.<\/span><\/p>\n

Given the speed at which the Federal Reserve and other major central banks are raising interest rates to counter inflation, South Korea found it necessary to follow suit. The logic behind this move was straightforward \u2014 <\/span>to protect<\/span><\/a> the Korean won. The U.S. dollar, considered one of the world\u2019s safest financial assets, could provide foreign investors with better yields than the riskier Korean won, potentially leading to a run on South Korea\u2019s currency.<\/span><\/p>\n

But while raising interest rates to the current <\/span>3.5%<\/span><\/a> may have prevented this, the significant consequences of the decision are becoming increasingly clear.\u00a0<\/span><\/p>\n

STARTUP WOES<\/b><\/p>\n

Rising interest rates have triggered serious ramifications for South Korea\u2019s startup environment. A ROK government press release recently <\/span>outlined<\/span><\/a> a dramatic slump in venture investments, which sunk to $670 million (900 billion won) in the first quarter of 2023 \u2014 an on-year decline of over 60%.<\/span><\/p>\n

\u201cFactors affecting the decline include a slowdown in the real economy that has lasted since last year, increased funding costs due to high interest rates, growing uncertainty in the financial market and the sluggish market with low return on investments,\u201d the Ministry of SMEs and Startups said in a press release.\u00a0<\/span><\/p>\n

\u201cI think the environment is challenging for start-ups in general, due to funding difficulties amid higher interest rates,\u201d William Lee, who works in Seoul\u2019s private equity industry, told <\/span>Korea Pro<\/span><\/i>.<\/span><\/p>\n

Lee explained that the former low-interest environment led to a sort of boom period for startups, including those suffering losses, as they were funded on the expectation they could be supported until they started generating income.\u00a0<\/span><\/p>\n

\u201cBut this idea was quickly discarded when the interest rate increased,\u201d he said.<\/span><\/p>\n

The surge in interest rates means borrowing and debt servicing have become more costly for startups, restricting the amount of capital they can access. This tightening monetary policy has also dissuaded venture capital and private equity firms from deploying cash, adding another layer of complexity to the startups\u2019 predicament.<\/span><\/p>\n

\"\"

South Korea’s Minister for SMEs and Start-Ups Lee Young speaking during a ministerial meeting, May 25, 2023 | Image: Lee Young via Facebook<\/a><\/em><\/p><\/div>\n

GOVERNMENT ASSISTANCE<\/b><\/p>\n

Recognizing the consequences of higher interest rates on the startup ecosystem, the South Korean government has stepped up its efforts to cushion this key sector. This is particularly vital given the country <\/span>hosts<\/span><\/a> at least 2 million startups, accounting for the employment of around 3 million people.<\/span><\/p>\n

In 2021 alone, investors put <\/span>over $6 billion<\/span><\/a> into the country\u2019s startups, signifying their increasing economic significance despite the traditional dominance of the chaebol, South Korea\u2019s large conglomerates.<\/span><\/p>\n

The Yoon administration has deployed substantial measures to bolster the startup sector. In April, the government <\/span>announced<\/span><\/a> an additional $7.9 billion (10.5 trillion won) in policy funds for startups struggling to secure capital from private institutions, building on the previously <\/span>announced<\/span><\/a> $22.5 billion (30 trillion won) of support in January.<\/span><\/p>\n

William Lee told <\/span>Korea Pro<\/span><\/i> that \u201cthe government\u2019s willingness to help startups is always a positive move,\u201d on the condition that safeguards are in place to ensure that \u201cit is not abused by the wrong people.\u201d<\/span><\/p>\n

\u201cBuilding and maintaining a strong and positive startup environment is important for the economic development of the country in general,\u201d he said.\u00a0<\/span><\/p>\n

However, another government proposal to loosen regulations on banks and venture capital firms to spur more investment is causing a stir within the industry. South Korea\u2019s Minister for SMEs and Start-Ups Lee Young <\/span>said<\/span><\/a> in a recent interview that her ministry is \u201cpursuing a variety of policy measures\u201d involving \u201cincentives for private capital to move actively under this difficult situation.\u201d<\/span><\/p>\n

Such incentives <\/span>encompass<\/span><\/a> increasing secondary funds, easing initial public offering (IPO) requirements to invigorate the investment return market and improving systems to boost corporate venture capital, indicating the government\u2019s readiness to ease restrictions on how institutions can deploy cash and how much risk they can undertake.<\/span><\/p>\n

\"\"

The Bank of Korea building, Oct. 27, 2016 | Image: The Bank of Korea via Flickr<\/a> (CC BY-NC-SA 2.0<\/a>)<\/span><\/em><\/p><\/div>\n

RISKY BEHAVIOR<\/b><\/p>\n

While the move to deregulate the financial sector is meant to invigorate the startup scene, some have questioned its prudence, especially at a time of significant global financial volatility.<\/span><\/p>\n

\u201cRemoving restrictions from banks and venture capital firms to encourage lending can be seen as a risky move, as it may increase the amount of debt that people and businesses take on, potentially leading to financial instability if the borrowers are unable to repay their loans,\u201d Chloe Lee, a partner at Seoul-based law firm Lee & Ko\u2019s Banking & Finance Group, told <\/span>Korea Pro<\/span><\/i>.<\/span><\/p>\n

But Lee also acknowledged the potential upside of the move at a time of global economic stagnation.<\/span><\/p>\n

\u201cDeregulation can also be seen as a necessary step to stimulate economic growth, as increased lending can lead to more investment and job creation.\u201d<\/span><\/p>\n

\u201cThe risk exposure for the banks and venture capital firms would increase, but on the other hand, banks and venture capital firms could lend or invest with more flexibility, and startups could obtain capital easier,\u201d William Lee said.\u00a0<\/span><\/p>\n

However, he cautioned that it\u2019s crucial to strike \u201ca sensible balance\u201d between risk and potential reward.<\/span><\/p>\n

Overleveraging companies or encouraging banks to assume dangerous levels of risk can be a recipe for disaster. This is particularly pertinent in light of the global financial crisis in 2008, when Korean companies proved to be <\/span>more vulnerable<\/span><\/a> than their Asian counterparts, largely due to their high borrowing levels.<\/span><\/p>\n

\u201cUltimately, the success of this move will depend on how it is implemented and monitored to ensure that lending practices remain responsible and sustainable,\u201d Chloe Lee told <\/span>Korea Pro<\/span><\/i>.<\/span><\/p>\n

Edited by John Lee<\/span><\/i><\/p>\n

Business & Economy<\/span><\/a><\/div>","protected":false},"excerpt":{"rendered":"

As nations across the globe grapple with soaring inflation, South Korea finds itself in an anomalous economic situation.\u00a0 While inflation hit a 14-month low of 3.7%, far below the dizzying 9.1% seen in the U.S. last June or the U.K.\u2019s 10.1%, Seoul has still had to respond to a worldwide monetary tightening cycle by raising […]<\/p>\n","protected":false},"author":10207,"featured_media":2201243,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[21],"tags":[24],"class_list":["post-2201237","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-analysis","tag-business-economy"],"yoast_head":"\nFrom boom to gloom: Rising interest rates deliver blow to South Korean startups - KOREA PRO<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/koreapro.org\/2023\/06\/from-boom-to-gloom-rising-interest-rates-deliver-blow-to-south-korean-startups\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"From boom to gloom: Rising interest rates deliver blow to South Korean startups - 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