Shinhan Finance Group announced plans to expand investments in Fintech companies in the new year. The investments will be done directly through Shinhan Group’s affiliates, such as Shinhan Bank and Shinhan Capital, to support substantial growth in Korea’s Fintech industry.
The main reason behind the increase in investments into Fintech, Shinhan Finance Group said, was the abundance of Fintech enterprises with great potential. Fintech companies achieved great performance last year, especially in co-developments with existing financial services in Korea.
Shinhan Financial Group has discovered various Fintech companies in the segments of blockchain, remittance, peer-to-peer (P2P) lending and investment advisory, through operating their 1st Shinhan Future’s Lab. Shinhan Group has worked with a total of seven Fintech startups through the initiative. This was done so that Shinhan is able to apply the Fintech expertise and technologies into Shinhan Bank as well as their affiliates.
These Fintech startups, in return, have received legal and management consulting services through Shinhan’s program. They were also allowed access to Shinhan’s (Shinhan Financial Group) SFG’s data center.
As a result, all seven startups received great reviews from investors around the world. A significant investment in the startups is currently being considered. Shinhan Future’s Lab, as well as Shinhan Bank, will also be making direct investments into the startups.
Meanwhile, the Shinhan Future’s Lab will be recruiting startups that are interested in participating in Shinhan’s 2nd Future Lab series. The application deadline for this is Jan. 22.
Startups selected to participate in the 2nd Shinhan Future’s Lab will be given comprehensive support from Shinhan, such as direct investment from Shinhan Bank and Shinhan Capital, as well as office space at Shinhan’s shared space near Nam-san. Access to Shinhan’s global network is another added bonus.
Shinhan Group set “Compassionate Finance, Your Companion for the Future” as its mission back in 2011, and has been striving to fulfill its social responsibilities in the domain of finance, its main business.
“In particular, last year we strengthened our ability to carry out our mission of ‘compassionate finance, Your Companion for the Future’ by making the practical methods and directions of our mission clearer,” the company said.
The group has continued providing products and services according to the financial needs of its customers, and has searched for diverse methods of increasing profits from their assets. “Furthermore, to fulfill the financial duties expected by society, we have actively promoted technology finance and small-loan finance. In addition to that, we have proactively created a business infrastructure for retirement in preparation for an ageing Korean society,” the company said.
As a result of such efforts, and despite the slowdown of the economic recovery due to a fall in consumption and investment, the group was able to maintain its top position within the financial sector.
“In fact, our group has enriched its global status overseas, having been selected as one of the top 100 global corporations for sustainability management in the Davos Forum for three consecutive years, as well as being included in the Dow Jones Sustainability World Index for two consecutive years.”
Shinhan Financial Group Co., Ltd., incorporated on Sept. 1, 2001, is a financial holding company. The Company operates through eight segments: retail banking, corporate and investment banking, international banking, other banking services, credit card services, securities brokerage services, life insurance services and others.
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