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Shinhan Bank opens office for small tech business funding

Exterior of Shinhan Bank's Expace that opened in Myeong-dong, central Seoul. [SHINHAN BANK]

Shinhan Bank said Monday that it opened a space dedicated to developing new businesses based on digital technologies in Myeong-dong, central Seoul.

Expace, which was built by remodeling a building where the bank's Myeongdong Station branch used to be, is equipped with a 5G network connection as well as top-notch digital devices.

The place will be a test bed for the bank's new digital services and an open space for Shinhan Bank's digital staff to cooperate with tech companies and start-ups.

The bank is working with SK Telecom in developing a remote financial consulting service and with Microsoft on a fintech start-up accelerating program.

Shinhan is pursuing a partnership with Japan's Mizuho Bank to help local start-ups raise funding and take their business overseas.

BY KIM JEE-HEE [kim.jeehee@joongang.co.kr]