The 31-year-old beat hundreds of applicants to win The Formations Company Entrepreneur Award 2017 which awards him a £1000 grant, free company formation and a mentorship programme from Barclays.
Judges were impressed with Chung's business, named FRUU, which uses surplus waste produce such as fruit and coffee to make its cosmetics rather than petroleum-based products.
It is aimed at the UK indie cosmetics market and will produce products which are "vegan-friendly and cruelty-free."
Chung said: "As someone at the start of my business journey, any mentorship helps, but this level of support from Barclays and The Formations Company will be invaluable to my company.”