ICONLOOP is helping turn South Korea’s second city into a fintech hub.

The southeastern port city of Busan announced Wednesday that the blockchain development company is one of five additional fintech companies selected to move into U-Space BIFC.

U-Space BIFC is Korea’s first incubator space dedicated to fintech companies.

While ICONLOOP will keep its headquarters in Seoul, it will station three employees in Busan and begin operations there by March.

Competition to get into the U-Space BIFC is reportedly intense. Some 36 fintech companies had already moved in, with plans to raise the number to 50 by the end of the year.

Busan hopes the incubator will play a major role in creating Korean fintech unicorns. The city subsidizes rent and personnel costs, while the BNK Financial Group provides investment support and opportunities for cooperation with its various subsidiaries.