Shinhan fosters growing financial tech start-ups

The briefing session for Shinhan Future’s Lab brought together fintech experts from all over Korea. Provided by the company

Shinhan Financial Group is helping the nation’s fintech start-ups flourish.

The corporation recently began recruitment for Shinhan Future’s Lab, a program that will support the growth of selected fintech firms by helping them manage their businesses.

Last Tuesday, the corporation hosted a briefing session to explain the program’s key objectives and encourage participation. At the meeting, 170 representatives from roughly 80 companies gathered along with numerous specialists from Shinhan. These experts came from diverse fields and shared knowledge about banking, card services, financial investment and even life insurance.

There were also mentors from renowned venture capital companies such as Qualcomm Ventures and K Cube Ventures.

The briefing session focused on starting and developing technology-based businesses. During the meeting, the experts examined examples of overseas companies that found success through fintech.

Representatives from Accenture, the global management consulting company, also presented on how Korean companies can enhance their competitiveness in the fintech industry.

Participants found the event helpful because they could freely discuss business models and ideas. Some even described the experience as fostering a sense of fellowship.

“There are bound to be difficulties and barriers when starting a business, but it was good to talk it out with others,” said an official from one fintech corporation.

“It’s not easy to be able to talk with experts at corporations such as Shinhan Financial Group, so the event provided a great opportunity for communication.”

The session was also applauded by experts that support start-up businesses. Jason Han, the chief technology officer of FuturePlay, a corporation that aids the building and funding processes of start-ups, positively evaluated Shinhan’s efforts.

“What is particularly significant is that the financial group is not only leading the process but also participating in it,” Han said. “With advice provided by experts, fintech companies in the nation will undoubtedly be able to grow faster.”

Registration for participation in the Shinhan Future’s Lab program ends this Sunday, while results are to be announced on July 13. For more information, visit www.futureslab.kr.

BY BAE JA-HYUNG [bae.jahyung@joongang.co.kr]