Shinhan Financial Group is going to invest $21.9 million (25 billion KRW) into startup FinTech companies for the next 5 years and promote 250 companies to expand second venture boom. Also, it is going to form a pool of 6,000 promising companies to systematically find candidates for $1.84 billion (2.1 trillion KRW) innovative growth financial resources.
Shinhan Financial Group held an inauguration ceremony of ‘second Shinhan Future’s Lab’ at Digital Campus and announced three scale-up strategies that are consist of finding, promotion, and investment of FinTech and startup companies.
Shinhan Future’s Lab is a win-win program that was established by Shinhan Financial Group in 2015 to form an ecosystem for FinTech and startup companies. Its goal is to provide innovative technologies and ideas to financial consumers.
First, Shinhan Financial Group is going to expand range of companies that are promoted by Future’s Lab to promising companies that are related to The Fourth Industrial Revolution.
It is going to establish a process that stores companies that apply for Future’s Lab into database and finds them again as incubated companies and it decided to establish a community with startup and venture companies and internal and external mentors and use it as a channel to find recommended companies.
It presented’ Total Package’ as one of its strategies to promote FinTech and startup companies.
It is going to form a package that is consisted of areas that are needed by FinTech and startup companies and present package to these companies.
To carry out its ‘Total Package’ strategy, it is going to hold ‘Startup Job Fair’ in June to secure talented individuals for startup companies.

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<Chairman Choi Jong-gu of Financial Services Commission and representatives are having a ceremony at the inauguration ceremony of ‘second Shinhan Future’s Lab’ that was held at Digital Campus on the 11th. Staff Reporter Park, Jiho | jihopress@etnews.com>

On this same day, it signed a MOU (Memorandum of Understanding) with a growth ladder fund managing agency called Korea Growth Investment Corp (President Sung Ki-hong). By signing a MOU, they have decided to share mutual information on innovative companies and FinTech companies, find candidates for investments, and establish financial support system.
Also, a welcome party for companies that are newly selected as members of 5th incubation companies of Shinhan Future’s Lab was held. 5th generation includes 40 companies which is the most number of companies since Future’s Lab was established.
“Shinhan Future’s Lab is a perfect example that has created win-win situations and opportunities for cooperation between financial companies and FinTech companies.” said Chairman Choi Jong-gu of Financial Services Commission (FSC). “I hope that this partnership between Shinhan Financial Group and Korea Growth Investment Corp will create opportunities for more partnership between financial industry and FinTech industry.” He also added that South Korean Government will return favors for efforts by financial industries through financial regulatory sandbox, financial support, and active regulation reform.
“We are going to put efforts into Shinhan Future’s Lab so that it can develop into an icon of innovative growth that establishes an ecosystem for innovative growth and promotes unicorn companies through ‘Scale-Up’ strategy.” said Chairman Cho Yong-byeong of Shinhan Financial Group.
Meanwhile, Shinhan Future’s Lab has currently promoted 112 startup companies and invested $7.29 million (8.32 billion KRW) and has established itself as a clear-cut major startup program in South Korea. ‘Shinhan Future’s Lab Vietnam’ that was established at the end of 2016 has already established itself as a popular startup incubation program in Vietnam.
Staff Reporter Gil, Jaeshik | osolgil@etnews.com