Shinhan Financial Group-KT Successfully Concludes Shinhan Open Innovation 5th Cohort

A Total Prize of 150 Million KRW for Outstanding Collaborative Companies... Opportunities for Joint Commercialization and More

[Asia Economy Reporter Yu Je-hoon] Shinhan Financial Group announced on the 9th that it successfully concluded the showcase event marking the end of the 5th Shinhan Open Innovation program, held on the 8th at its headquarters in Jung-gu, Seoul, in collaboration with KT.

Shinhan Open Innovation is a startup scale-up program that matches startups with excellent technology with large and medium-sized enterprises, supporting the expansion of startups' businesses and providing various collaboration opportunities. This program, jointly conducted for the first time following the signing of a memorandum of understanding (MOU) for strategic partnership between Shinhan Financial Group and KT last year, involved group companies from both sides exploring multifaceted business linkage plans with startups.

Out of a total of 126 startups reviewed over 11 weeks for collaboration potential and evaluation, Shinhan Card selected ▲Daily Funding ▲WeSoap; Shinhan Life selected ▲Removing Company ▲GoQuba Technology; KT Alpha selected ▲HandHug ▲Nuraim Games; Storywiz selected ▲Brain Ventures ▲Toonimotion; and Genie Music selected ▲All Voice ▲Organic Intelligence Studio, totaling 10 outstanding collaboration companies per group company. The outstanding collaboration companies were awarded a total prize of 150 million KRW, and various collaboration opportunities such as joint commercialization with matched companies were provided.

A Shinhan Financial Group official stated, "We plan to support startups participating in the 5th Shinhan Open Innovation to scale up through continuous collaboration with Shinhan Financial Group and KT," adding, "Shinhan Financial Group will continue various projects to support startups with the goal of creating an innovation growth ecosystem led by finance."

Meanwhile, Shinhan Financial Group has been striving to nurture startups based on the group's environmental, social, and governance (ESG) slogan announced by Chairman Cho Yong-byeong in September last year, "Do the Right Thing for a Wonderful World." Through the Shinhan Square Bridge Open Innovation program, 15 large and medium-sized enterprises and a total of 103 startups achieved various results including 3 collaboration contracts, 19 proofs of concept (PoC), 2 investments, and 2 MOUs.

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