KEB Hana Bank supports startups thru mentoring program

KEB Hana Bank CEO Ji Sung-kyoo, second from left, and Financial Services Commission Vice Chairman Kim Yong-beom, second from right, pose with officials from startup firms at the bank's head branch in Jung-gu, central Seoul, Thursday. / Courtesy of KEB Hana Bank

By Jhoo Dong-chan

KEB Hana Bank has launched its eighth 1Q Agile Lab that will be able to support ten startups, the bank said Thursday.

The 1Q Agile Lab is the lender's startup mentoring program to incubate and support promising startups. The program was first established in June 2015, and has since incubated 64 firms so far.

The next ten will be given a private office while KEB Hana Bank affiliate firms will provide business and financial consulting. The lender will also invest in these firms while helping the successful ones enter the global market.

“KEB Hana Bank has incubated a number of startups through the 1Q Agile Lab program,” KEB Hana Bank CEO Ji Sung-kyoo said during a launch event for the 8th program at the bank's head office in central Seoul, Thursday.

“The bank will do its best to incubate more promising startups in the future. We will continue our mentorship while financially supporting these firms.”

The ten selected firms will receive 20 billion won ($17.5 million) in investments over the next five years under the program. KEB Hana also promised to attract 500 billion won worth of investment from outside firms this year.

Hana Financial Group, the bank's holding company, also said it will help the startups enter overseas markets by utilizing its global network in 24 countries.