Go to Contents Go to Navigation

Woori Investment Bank inks MOU on boosting local films

All Headlines 16:38 August 29, 2016

SEOUL, Aug. 29 (Yonhap) -- Woori Investment Bank, an affiliate of Woori Bank, said Monday that it has signed a memorandum of understanding with the Korean Film Council to help boost the local film industry.

The initial agreement is meant to, among other things, facilitate the crowdfunding for the production of movies, said Woori Investment Bank.

Kim Se-hoon, head of the Korean Film Council, said the initial agreement could boost investments in movies through crowdfunding.

The local movie industry has long been beset by a lack of funds at a time when South Korea is boosting the culture industry as a key growth engine for the future.

Woori Investment Bank said it plans to launch a crowdfunding platform, though it did not give a specific time frame.

The MOU came amid growing public interest in crowdfunding for the production of movies.

IBK Securities, the brokerage arm of South Korea's state-run Industrial Bank of Korea, has set up a platform through which individual investors crowd-funded 500 million won (US$445,000) for "Operation Chromite," a 17 billion won movie that depicts the Incheon landing operation that turned the tide of the 1950-53 Korean War in favor of the U.S.-led U.N. forces.

IBK's latest investment has paid off as the movie has drawn more than 6.9 million viewers, above the break-even point of 5 million.


Send Feedback
How can we improve?
Thanks for your feedback!