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Enterprise Ireland client companies TransferMate and Lumcloon Energy announced key strategic partnerships this week during a Government of Ireland Trade Mission to South Korea.
Irish fintech TransferMate signed a partnership with Korean start-up MOIN. This partnership will improve international trade for Korean businesses by providing for faster and more cost-effective cross-border payments through TransferMate’s extensive payments network.
TransferMate is the world’s leading B2B Payments-as-a-Service (PaaS) that significantly improves the international payment process for banks, businesses and software providers. Lumcloon Energy also signed an MoU with Korean construction engineering company SK Ecoplant. The partnership will create the first ever joint data centre project running on fuel cell in Europe.
Taoiseach Leo Varadkar and a high-level delegation, including Minister for Enterprise, Trade and Employment, Simon Coveney, Minister for Agriculture, Food and the Marine, Charlie McConalogue and Minister for Further and Higher Education, Research, Innovation and Science Simon Harris were visiting the Republic of Korea from 31st October to 3rd November.
Across the week Enterprise Ireland hosted a series of high-level meetings and events with influential Korean business organisations, including a meeting with the Korean International Trade Association (KITA), an important economic organisation in Korea. A number of Irish companies including TransferMate, GetVisibility, GridBeyond and Vaultree will pitched their businesses and took part in meetings with Korean businesses during this event.
Welcoming the announcements, Minister for Enterprise, Trade and Employment, Simon Coveney T.D. said: “Ireland is producing world-class innovators and creating increasingly strong business links in South Korea. The announcements by Lumcloon Energy and TransferMate are a great example of the scale of the business opportunities for Irish companies across sectors such as energy and fintech in South Korea. South Korea is a strong, growing market and this trade mission will ensure that Irish companies build on the untapped trade opportunities in the wider Asia Pacific region.”
Leo Clancy, CEO of Enterprise Ireland said: “South Korea is a key market for Enterprise Ireland clients within the wider Asia Pacific region. Today’s announcements are two great tangible examples of the market opportunity that South Korea represents, with client exports to the market increasing by 44.5% since 2019.
“This trade mission is critical in strengthening our South Korean business relationships and supporting Enterprise Ireland client companies to scale in this growing market. We continue to see strong growth opportunities for Irish companies in sectors such as fintech, digital tech, life sciences and education in this market
Over 120 Enterprise Ireland clients are exporting to the Republic of Korea. Enterprise Ireland client exports to Korea grew by 44.5% from 2019 to €142m in 2022, driven by an increase in life sciences, ICT, and food exports. The export potential for Irish companies is increasing across all sectors, with key growth sectors being digital technologies, aviation/aerospace, life sciences, education and agri-tech/agri-machinery.
To talk to TransferMate and learn about our solutions for the APAC region, contact the team here.
