By Kim Bo-eun
Shinhan Financial Group Chairman Cho Yong-byoung has pledged to pour in 2.1 trillion won into strengthening assistance for startups, after he succeeded in securing another term on Dec. 13.
The group said Sunday it will find 2,000 competitive startups and provide them financial support by 2023. The group also plans to cultivate 10 unicorns ― startups that are worth more than $1 billion.
This is the first long-term project Cho has unveiled as he begins a second term. In March, Cho launched a 2,000-member committee on innovative finance. The new project aims to scale up and widen the range of support for startups.
"This project aims to create an environment in which any startup with ideas and skills can receive systematic support from Shinhan," Cho said.
As a first step, Shinhan signed an investment agreement Dec. 20 with the Daejeon government on a project to create a startup park there. The group will invest 100 billion won into establishing infrastructure.
This is part of Shinhan's plans to establish platforms to cultivate fintech firms nationwide, which will include online and offline programs, stage by stage investments and headhunting for startups.
This will not be confined to Korea ― Shinhan is seeking to continue to create similar platforms overseas, such as the ones the group established in Vietnam and Indonesia.
In line with such efforts, Shinhan signed an agreement with fintech accelerator Plug & Play in November to learn know-how on fostering global startups.
The group plans to conduct case studies on institutions and companies in Israel, France and the U.K. on establishing an ecosystem for innovative firms.
Shinhan will also contribute to the government's project to foster 1,000 unicorns through providing accelerator programs and consulting services.
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| Shinhan Financial Group Chairman Cho Yong-byoung |
The group said Sunday it will find 2,000 competitive startups and provide them financial support by 2023. The group also plans to cultivate 10 unicorns ― startups that are worth more than $1 billion.
This is the first long-term project Cho has unveiled as he begins a second term. In March, Cho launched a 2,000-member committee on innovative finance. The new project aims to scale up and widen the range of support for startups.
"This project aims to create an environment in which any startup with ideas and skills can receive systematic support from Shinhan," Cho said.
As a first step, Shinhan signed an investment agreement Dec. 20 with the Daejeon government on a project to create a startup park there. The group will invest 100 billion won into establishing infrastructure.
This is part of Shinhan's plans to establish platforms to cultivate fintech firms nationwide, which will include online and offline programs, stage by stage investments and headhunting for startups.
This will not be confined to Korea ― Shinhan is seeking to continue to create similar platforms overseas, such as the ones the group established in Vietnam and Indonesia.
In line with such efforts, Shinhan signed an agreement with fintech accelerator Plug & Play in November to learn know-how on fostering global startups.
The group plans to conduct case studies on institutions and companies in Israel, France and the U.K. on establishing an ecosystem for innovative firms.
Shinhan will also contribute to the government's project to foster 1,000 unicorns through providing accelerator programs and consulting services.
