Korea Venture Investment Corp. (KVIC), the state fund-of-funds manager under South Korea’s Ministry of SMEs and Startups, has received full approval for a Capital Markets Services (CMS) license from Singapore’s Monetary Authority of Singapore (MAS). The approval, granted to its Singapore subsidiary KVIC Asia on the 20th and announced by the ministry on the 30th, is KVIC’s first overseas local asset management license. It enables KVIC Asia to establish and manage funds directly in Singapore and set up a Variable Capital Company (VCC), a structure that can house independently operating sub-funds under one legal entity. The license advances plans for the K-Global Venture Fund, an offshore global fund-of-funds that will be scaled to $300 million by 2030 and is targeted for launch in the second half of this year. First Vice Minister of SMEs and Startups Roh Yong-seok said the fund would connect global investors with South Korean venture companies and startups, support domestic venture capital firms’ overseas expansion and serve as a platform for Asian venture investment.