Shinhan Financial to support startups to gain foothold in Japan

Shinhan Financial Group Vice President and Chief Data Officer Kim Myung-hee, left, holds a certificate of memorandum of understanding (MOU) with Korea Institute of Startup and Entrepreneurship Development President Kim Yong-moon after signing a MOU jointly to support startups planning to open in Japan at the banking group's headquarters in Seoul, Thursday. Courtesy of Shinhan Financial Group

By Yi Whan-woo

Shinhan Financial Group will support promising startups to set a foothold in Japan as a part of its project to nurture innovative businesses, the company said Friday.

It said it signed a memorandum of understanding (MOU) with government-affiliated Korea Institute of Startup & Entrepreneurship Development, Thursday, to provide joint support for startups that plan to open businesses in Japan in the near future.

Successful candidates will be selected through the Shinhan Future's Lab project, which has provided 59.5 billion won ($44.8 million) in funding to more than 280 startups since 2015.

Any interested startups can register on the Shinhan Future's Lab website.

The banking group will capitalize on its knowhow in overseas operations to assist the selected startups to launch corporate entities, rent offices, run recruitment, find ideal business partners and receive investment from Japanese venture capitals.

Jointly with Korea Institute of Startup & Entrepreneurship Development, Shinhan Financial Group will also link the startups with innovative technologies to Japanese conglomerates that are interested in them and host various kinds of meetings aimed at broadening startups' networks in Japan.

“We find the MOU very meaningful in broadening the scale of support for startups,” Shinhan Financial Group Vice President and Chief Data Officer Kim Myung-hee said. “We will put our utmost effort into enhancing a joint ecosystem for startups between Korea and Japan.”