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TEMPE, Ariz., March 2, 2023 /PRNewswire/ — Moov, the largest and fastest growing global marketplace for used semiconductor equipment, today announced it will be expanding its presence in South Korea with additional full-time, native Korean speaking staff dedicated to serving the market.
"South Korea is a critical market for Moov as a memory chip manufacturing and foundry leader with strong demand for semiconductor manufacturing equipment including hard to find older systems," said Steven Zhou, co-founder and CEO of Moov. "In 2022, Moov’s platform helped Korean customers source several millions of dollars worth of equipment. With new full-time staff dedicated to growing this market, we expect to see those numbers grow exponentially this year."
Moov’s real-time digital marketplace and end-to-end management, transaction, and fulfillment platform enables manufacturers to easily buy, sell, and manage pre-owned semiconductor equipment from anywhere in the world in a matter of minutes.
This announcement comes as part of Moov’s plan to expand presence in APAC in 2023, and as South Korea invests in ramping up semiconductor manufacturing capacity. In January, South Korea announced plans to offer tax deductions up to 35% for companies investing in strategic industries including semiconductor manufacturing, expanding tax breaks from the initial proposed breaks in 2022. Small and medium sized companies will receive larger tax breaks than large corporations under this plan.
Moov’s expansion in South Korea also comes at a time when Korean chipmakers know they need to stay nimble to respond to changing sociopolitical, trade, and demand tides. By growing the secondary market for semiconductor manufacturing equipment, Moov is helping to make these high-value assets more liquid. Moov’s global marketplace brings transparency and data to the equipment resale market so that manufacturers can find the equipment they need for a competitive price and offload idle assets to recoup capital.
Additionally, Moov eliminates purchase risk for manufacturers looking to diversify their supply chain strategy by sourcing used equipment with its no-questions-asked, money-back guarantee, according to SEMI, the California-based global association that represents the electronics and supply-chain design industries.
If you are a Korean company looking to buy or sell semiconductor manufacturing equipment, contact mlee@moov.co.
About Moov Technologies Inc.
Headquartered in Tempe, Arizona, and Austin, Texas, Moov is a technology-driven marketplace and asset management platform that matches buyers and sellers of pre-owned semiconductor manufacturing equipment. Built by a team with more than 50 years of experience in the manufacturing equipment brokerage industry, Moov’s platform ensures accurate listings and faster transactions. CEO Steven Zhou and Managing Director Maxam Yeung co-founded the company in 2017. To learn more, please visit Moov.co.