Shinhan, Google team up for smart city

Seen above is a notice poster for Shinhan's startup acceleration program. Courtesy of Shinhan Financial Group

By Lee Min-hyung

Shinhan Financial Group will team up with Google in a startup accelerating program to support those engaged in smart city businesses, the financial holding company said Tuesday.

Companies with innovative technologies in the four areas of smart living, city infrastructure, the sustainable city and the biotech industry or digital health will apply for the program, according to Shinhan.

A total of 30 companies founded in less than seven years will be selected at "Shinhan Square Bridge" in Seoul and Incheon, the group's platform for nurturing startups, for the project that will run during the latter half of 2022.

Google for Startups Campus Seoul will also collaborate with Shinhan by providing a variety of programs, including helping startup founders access Google's global network and to receive diverse education courses.

The selected startups will be able to get business consulting services and promote their businesses by taking part in a set of investor relations meetings. Shinhan will receive applications until June 7 on its website.

The latest move is part of Shinhan's mid- to long-term finance vision, called Triple-K Project, under which the financial company has set up startup nurturing platforms in major areas in Korea ― such as the capital city of Seoul, Incheon, Daegu and Jeju Island ― helping small yet innovative startups strengthen their footing here and abroad.

Startups at Shinhan Square Bridge Incheon especially made plenty outstanding achievements last year, with a total of 51 startups there attracting investments worth 70.5 billion won. According to Shinhan, twenty startups operating businesses there also had drawn investments of 28.2 billion won in about six months between July 2021 and January 2022. Their combined corporate value also soared to 268.6 billion won, up 106 percent, during the same period.

"We are going to keep making more efforts to help Korean startups expand their global presence and grab opportunities for additional growth," an official from Shinhan said.

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