South Korea's top financial regulator will set up a crowdfunding platform to help startups and small venture businesses raise funds and capitalize on their ideas and technologies more easily, its chief said Monday.
  

Crowdfunding is a type of fundraising that a firm uses to raise capital from a large number of individuals who invest small amounts of money, typically via the Internet. South Korea legalized the online crowdfunding business last week, under which venture startups can raise a maximum of 700 million won ($608.000) per year and individuals can invest up to 5 million won per year.
  

"A system will be established to single out potential startups and support their growth," Financial Services Commission Chairman Yim Jong-yong said in a meeting with local crowdfunding companies in Seongnam, south of Seoul.
  

"If companies upload their project ideas and plans on the crowdfunding platform, the operator will promote their ideas and plans to investors and help the companies attract investors."
  

He further said the FSC has made efforts to lighten their burden of raising money by lifting barriers against crowdfunding brokers while taking measures to protect investors.
  

Yim's remark came as the FSC has put its policy priority on supporting smaller companies and the underprivileged as part of President Park Geun-hye's key campaign pledge to implant a "creative economy" in South Korea. (Yonhap)