Seoul City Partners with Shinhan Bank to Support Innovative Startups

Announcement of 6 Confirmed Collaboration Sites

The Seoul Metropolitan Government announced six innovative startups confirmed for collaboration in the open innovation program '2023 Pinovation Challenge: Seoul × Shinhan Bank,' a partnership between Shinhan Bank and promising fintech companies. By combining Shinhan Bank's infrastructure with the innovative ideas of fintech firms, the collaboration aims to enhance consumer convenience and strengthen security.

On the 19th, Seoul selected six companies: ▲SeezData (financial data analysis and processing services) ▲Wello (SaaS service connecting policy and finance) ▲Infinigru (voice phishing prevention solution) ▲Travel Wallet (foreign currency payment service) ▲Funderful (K-content fractional investment platform) ▲PliPop (easy payment service for teenagers). These startups will promote new projects for innovative finance with Shinhan Bank and receive full support from a specialized fintech incubator.

The 'Pinovation Challenge,' held for the second time this year, attracted 159 startups with promising innovative financial technologies, recording a competition rate of 27 to 1.

As smartphone usage and online payments increase, financial technologies such as security, payment systems, and non-face-to-face transactions require evolution. This Pinovation Challenge focused on ▲financial fraud prevention ▲financial services for small business owners ▲everyday financial content ▲prepaid payments ▲proptech ▲chatbots ▲big data ▲and other fields applicable to financial services. The program solicited proposals and evaluated collaboration business plans to select six startups to collaborate with Shinhan Bank.

Among the six finalists, three companies will be selected through a final competition. Based on the collaboration results with Shinhan Bank, outstanding companies will be chosen. Winners will receive a total of 30 million KRW (10 million KRW each for three companies) in commercialization support funds, investment attraction opportunities, residency at Seoul Fintech Lab or Shinhan Futures Lab, and continuous collaboration, providing various opportunities for fintech companies to grow.

Kim Tae-gyun, Director of Economic Policy at Seoul City, stated, “To revitalize the recently frozen startup market, we will continue open innovation through collaboration with traditional companies,” adding, “By leveraging the infrastructure of traditional financial institutions, we will unleash the infinite potential of fintech startups and establish Seoul as a financial hub leading the fintech industry in step with the digital transformation era.”

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