Shinhan Financial Group Guides Start-ups to Success

Shinhan Financial Group recently established its 2020 Corporate Social Responsibility (CSR) strategies, focusing on three pillars: responsible growth, social partnerships and investments for the future. It is through these pillars that the company has invested in programs to solve current social, economic and environmental challenges in South Korea.

“Shinhan was founded on the belief that one should always pave new paths by thinking differently and challenging limits,” said Young Suh Cho, Managing Director, Shinhan Financial Group. “Today, we are proud to host a series of programs for our communities that offer the training and resources that future business leaders and entrepreneurs need as they grow their careers and companies. This will ultimately benefit our country as we look to bring new and innovative products and services to the world.”

Shinhan Futures Lab

Shinhan Futures Lab is one of many programs that Shinhan Financial Group manages today. It is a training and collaboration program aimed at nurturing Fintech entrepreneurship. The Lab fostered the growth of 23 start-ups in 2016, and has selected 17 additional start-ups in 2017.

Participating companies receive office space, including IT infrastructure and mentoring from Shinhan Financial Group and other organizations to help spur the growth of their start-ups. They also receive financial support in the form of loans or investments based on a technology assessment.

 

Case Study: SmartForecast

Hyung-Joo Kim is the president of SmartForecast, which predicts the direction of stock prices by analyzing big data and using machine learning to inform buying and selling times. This is Kim’s fourth venture, which proved to be a success due in part to Shinhan Futures Lab’s support. His three previous attempts to develop businesses were unsuccessful.

The previous start-up attempts included a search engine, a medical integration platform, and a business card management service.

Through Shinhan Futures Lab, Kim learned business strategies and techniques for growing his organization so that his team could focus on the technical aspects of the product.

SmartForecast has been working with Shinhan Life Insurance to leverage its machine learning and AI solution to inform financial planners of products for their clients.