SEOUL, March 30 (Yonhap) — The presidential office said Monday that more than 100 billion won (US$90 million) will be injected to nurture startups in gaming and other industries.

The financial assistance, which is mainly provided by a state-managed credit guarantee fund, will be offered to small companies and startups in such fields as games, financial technology known here as fintech, and the Internet-of-Things, according to the office.

The office made the announcement as President Park Geun-hye opened the latest innovation center in Pangyo, south of Seoul.

The innovation center will “nurture world class gaming startups and help them make inroads into global markets,” according to the presidential office.

South Korea has emerged as a powerhouse in the gaming industry in recent years.