Shinhan Bank Signs Business Agreement with Ministry of Industry to Support Technology Innovation Companies

Investment of 30 Billion KRW This Year in Future Growth Areas Such as Future Cars and Secondary Batteries

[Asia Economy Reporter Kwangho Lee] Shinhan Bank announced on the 26th that it has signed a business agreement with the Ministry of Trade, Industry and Energy to provide fund investment and loan support for technology innovation companies.

Hosted by the Ministry of Trade, Industry and Energy, this business agreement was established to strengthen the competitiveness of technology innovation companies and revitalize the industrial ecosystem. Participants included Shinhan Bank, Industrial Bank of Korea, Korea Growth Investment Corporation, Korea Technology Finance Corporation, Korea Institute for Advancement of Technology, Korea Institute of Industrial Technology Promotion, and Korea Energy Technology Evaluation Institute.

Through this business agreement, Shinhan Bank plans to support a total of 400 billion KRW in funds through five loan products including TCB Excellent Company Loans, IP Movable Property Secured Loans, Accounts Receivable Secured Loans, and Export-Import Foreign Exchange, enabling excellent domestic technology companies to continuously develop technology despite sensitive economic conditions such as COVID-19.

Additionally, Shinhan Bank will invest 30 billion KRW this year in future growth sectors such as future cars, secondary batteries, and global X&D.

Jin Ok-dong, CEO of Shinhan Bank, stated, "Supporting companies with outstanding potential in future industries to grow into global enterprises is Shinhan Bank’s mission and raison d'?tre, which is to 'make the world better through finance.' We will continue to create a virtuous cycle where companies and banks grow together through various financial supports."

This content was produced with the assistance of AI translation services.