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Today, we’re thrilled to announce some exciting news we’ve been working on for a long time: Republic is officially expanding business efforts to Asia! Our Seoul office is up and running, with further expansion planned in Singapore and eventually, across Southeast Asia.
We believe Republic Asia is a critical step towards our mission of democratizing access to investing. After all, approximately 60% of the world’s population lives in Asia—and thanks to active local government support and an investor-friendly market environment, the region is quickly becoming a global center of technological development and innovation.
In particular, fintech and blockchain-related services have seen tremendous growth in Asia-Pacific (APAC) in terms of innovation, capital deployment, and broad market adoption. The total value of alternative financing activities in APAC (not including China) has grown 20% annually over the past few years, and Asia is prominently leading the world in blockchain adoption rate.
As part of our Korean operations, Republic Asia has secured a major partnership with TogetherApps, the leading licensed P2P (Peer-to-Peer) investment platform in Korea. Republic Asia participated as an anchor investor in connection with a majority stake investment by Korean PE firm Quintessa Investment. Republic also entered into a strategic partnership with TogetherApps to collaborate on new product offerings and expand access to capital markets through Republic’s global network.
TogetherApps secured its official P2P license to operate as a financial institution from the Korean Financial Services Commission in August 2021—just one year after new legislation made it possible. With Republic’s support, the company is expected to continue its industry-leading growth.
Republic Asia also completed a minority investment in Korbit, one of only five cryptocurrency exchanges legally allowed to provide cash-to-crypto exchange services in Korea. Republic’s leading global blockchain practice will collaborate with Korbit across various initiatives including on international projects and increasing engagement between the Korean and global blockchain communities.
In addition to its fintech and blockchain commitments, Republic Asia also entered into a strategic partnership with Cube Entertainment, one of Korea’s leading full-service music and entertainment companies. Through its advanced artist and music production operations, talent agency, and record label, Cube Entertainment discovers and develops talented artists to produce high-quality original content in Korea and globally. Republic will partner with Cube Entertainment to leverage their mutual investments and technology in the arts & entertainment space to enhance global engagement with K-pop and K-culture.
"Since the beginning, Republic’s ultimate vision has always been to build a new type of investment firm that can democratize finance for everyone in this rapidly changing world,” said Youngro Lee, Head of Republic Asia. “We are so excited and humbled to partner with innovative firms such as TogetherApps, Korbit, and Cube Entertainment, and look forward to actively contributing to the Asian fintech and entrepreneurship ecosystem.”
Following Republic’s strategic partnership and investments in Korea, Republic Asia expects to enter into additional partnerships with various other Asia-based enterprises to thoughtfully build out the Republic Asia ecosystem that can deliver value to the global Republic community.The ultimate goal is to work with these partners to produce locally originated investment opportunities and eventually build out a platform where anyone can invest in unique asset offerings within Asia.
“Republic Asia” refers to a group of subsidiaries owned and operated by OpenDeal Inc. dba Republic.
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