Shinhan Financial Group Launches 'Shinhan Futures Lab Japan' to Foster Startups

Accelerating Digital Transformation through Connecting and Expanding Venture Ecosystems between Korea and Japan

[Asia Economy Reporter Yu Je-hoon] Shinhan Financial Group announced on the 7th that it held an opening ceremony on the 4th in Tokyo, Japan, to launch 'Shinhan Future Lab Japan.'

The opening ceremony was attended by key figures in Japan, including Kim Myung-hee, Vice President of Shinhan Financial Group; Lee Dong-hyun, President of Shinhan Venture Investment; Tomiya Seiichiro, President of SBJ; former Financial Services Agency Commissioner Endo Toshihide; Naoto Ohitsu, Executive Director of Mizuho Financial Group; and Yeo Geon-yi, Head of the Korean Residents Union in Japan (Mindan), along with executives and employees of Shinhan Financial Group.

At the ceremony, representatives of 10 startups selected for Shinhan Future Lab Japan attended to celebrate the launch and shared updates on their business preparations for entering the Japanese market and their growth aspirations.

This launch of Shinhan Future Lab Japan is the third, following Vietnam in 2016 and Indonesia in 2019. Shinhan Financial aims to promote the connection and expansion of the venture ecosystems between Korea and Japan through nurturing local startups in Japan and to further accelerate digital transformation in both countries.

Shinhan Financial initiated the launch of Shinhan Future Lab Japan in response to changes in the venture ecosystem environment, such as the growth of the fintech industry centered on Japan's simple payment market and the government's expansion of startup support policies. Shinhan Future Lab Japan plans to provide various supports for startup development, including ▲entry of Korean startups into Japan ▲operation of Korea-Japan startup exchange programs ▲discovery and investment in Japanese startups.

Additionally, through collaboration with Shinhan Bank's Japan branch (SBJ), it plans to support financial operations for domestic startups and pursue new digital partnership businesses.

Shinhan Financial's startup nurturing program, Shinhan Future Lab, has fostered a total of 323 innovative startups up to its 8th term since its launch in May 2015, investing 64 billion KRW in domestic and overseas nurtured companies. It has also emerged as a leading startup accelerator program in Korea, producing 18 companies?the highest number in the financial sector?in the 'Baby Unicorn 200' project selected by the Ministry of SMEs and Startups.

Vice President Kim said, "Based on our know-how in nurturing and investing in startups, we will strengthen the connection and expansion of the venture ecosystems between Japan and Korea. By leveraging the strengths of both countries and complementing each other's weaknesses, we will create diverse values that lead future industries."

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