Samsung Financial Affiliates Launch Startup Support, Open for '3rd Samsung Financial Open Collaboration' Applications

[Asia Economy Reporter Changhwan Lee] Samsung financial affiliates are collaborating with startups to discover future financial innovation cases.

Samsung Life Insurance, Fire & Marine Insurance, Card, Securities, Venture Investment, and other Samsung financial affiliates (hereinafter Samsung Finance) announced on the 13th that they will hold the 3rd Samsung Finance Open Collaboration.

Under the slogan "Moving Toward the Future of Finance with Startups," this competition will recruit participating startups from the 14th of this month until the 10th of next month, and after screening, select companies advancing to the finals.

Subsequently, through collaboration with Samsung Finance, solutions and business models will be developed, and the best startup will be chosen at the presentation event in October this year.

Startups advancing to the finals will receive support funds of 30 million KRW and will promote joint projects with Samsung Finance for four months, also being given opportunities for equity investment.

At the presentation event in October, the best startup selected from each Samsung financial company will be awarded an additional prize of 10 million KRW.

Starting from this competition, various support programs will be introduced to help startups grow and enter the market.

First, a growth mentoring program will be operated to provide assistance in essential areas for startup growth such as human resources, labor management, and compliance. A meeting for finalists will be newly established to share trial and error and know-how among startups and provide opportunities to expand external networking.

Domestic startups and small and medium enterprises wishing to participate can apply through the official website. The tasks presented by Samsung Finance consist of common tasks for activating the Samsung Finance integrated app, specialized tasks tailored to each company's characteristics, and free topics that startups want to propose to Samsung Finance companies.

Samsung Finance Open Collaboration, which started in 2019 with the purpose of finding new business development opportunities for innovative finance through cooperation with startups and contributing to fintech advancement, has received great responses, with 635 startups participating in the past two competitions, the largest scale in the financial sector.

A Samsung Finance Open Collaboration official explained, "Through the past two competitions, it has grown into a platform for exchange where cooperation between Samsung Finance companies and startups takes place," adding, "We will continue to support startup growth, develop innovative solutions, and contribute to the advancement of future finance."

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