Samsung Financial Networks Selects 12 Startup Partners

[Asia Economy Reporter Changhwan Lee] Samsung Life Insurance, Samsung Fire & Marine Insurance, Samsung Card, Samsung Securities, and other Samsung Financial Networks (hereinafter Samsung Financial) announced on the 31st that they have selected 12 startups to advance to the finals of the '3rd Samsung Financial Open Collaboration.'

A total of 262 startups applied for the contest held from March 14 to April 10, and among them, 12 companies were selected after screening by each financial company.

The 3rd Samsung Financial Open Collaboration is an event jointly conducted by Samsung Financial to cooperate with startups and lead fintech under the slogan "Moving toward the future of finance with startups."

Looking at the startups participating in the competition, services provided through platforms and support in the life care sector stood out in particular.

Many startups applied to Samsung Life Insurance and Samsung Fire & Marine Insurance in the healthcare sector and business process improvement, while Samsung Card received many applications for platforms enabling transactions and payments based on life care, and Samsung Securities saw many applications for unique platforms utilizing new technologies such as blockchain.

There was also high interest in solutions that can be embedded in ‘Monimo,’ launched after the integration of Samsung financial brands in April.

The startups selected by Samsung Life Insurance are △Imocog (dementia testing and cognitive ability enhancement solution) △Cleon (combining voice recognition and video synthesis technology to implement virtual humans (AI Human)) △Pumang (psychological test content targeting the MZ generation), totaling three companies.

Samsung Fire & Marine Insurance selected three companies: △Onions (personal health record-based customized chronic disease management platform) △Sibiliter (customized health management solution for pets) △Infinigru (a joint response platform for voice phishing involving private (financial companies) and public (police agency) sectors).

The 12 startups advancing to the finals will each receive a prize of 30 million KRW and will collaborate with Samsung Financial employees over the next four months to concretize their proposed business ideas.

After a presentation event held in October, the four teams that win the final round will receive an additional prize of 10 million KRW each, and their ideas will be commercialized. Additional screening will be conducted for the startups advancing to the finals, and equity investment opportunities will also be provided.

Samsung Financial held a congratulatory event for the CEOs of the 12 startups advancing to the finals yesterday. At the event, Samsung Financial employees and startups shared ideas about business models and promised to continue active collaboration.

A Samsung Financial official explained, "Creative solution development is expected through joint projects between the startups advancing to the finals and Samsung Financial practitioners," and added, "We will continue to cooperate with startups and take the lead in future financial innovation."

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