Korean startup incubation program Seoul Fintech Lab plans to house 30 new tenant startups starting from October this year, its operator said Monday.

Of the 30 new tenant enterprises, five will be non-Korean while the rest will comprise Korean companies. Eligible applicants must be dedicated to financial technologies for the Asian market and their business must not be more than 7 years old, a Seoul Fintech Lab official said. Applications will be accepted online until Sept. 11.

Qualified participants in the program will be able to stay for up to two years in the space, depending on their performance in the program, the official added.

This comes as the Seoul Metropolitan Government, manager of the incubation program, plans to rent two more floors at WeWork Korea‘s Yeouido location in western Seoul from October.

Currently, Seoul Fintech Lab’s office space is composed of four floors in WeWork Yeouido, housing 70 enterprises from home and abroad. The companies recorded a combined 27.6 billion won ($23.2 million) revenue in 2019.

Seoul Fintech Lab program is designed to provide office space and accelerate programs, mentorship and education, among other aims. Seoul Fintech Lab has 33 local corporate partners across seven sectors, including banking, asset management, investment, law and tax.

By Son Ji-hyoung (consnow@heraldcorp.com)