SEOUL, South Korea, April 22, 2020 /PRNewswire/ -- Shinhan Financial Group (SFG), the largest financial group in South Korea is becoming an open innovation hub as it expands the global startup ecosystem. SFG and Plug and Play are collaborating together to accelerate the next unicorn. Plug and Play, based in Silicon Valley, is a global startup technology accelerator that has discovered leading global IT startups.
SFG expanded territories overseas with a special emphasis on Asia to diversify its earning base and to secure a new growth engine for the future. As part of the strategy, SFG launched Shinhan Future's Lab (SFL) in 2015, which was the first accelerator program launched in the financial sector in South Korea. SFL started global expansion by opening global offices and launching global exchange programs in Vietnam in 2016 and Indonesia in 2019. SFL now became one of the most actively expanding global accelerators in South Korea.
Since 2015, SFL has accelerated 172 startups from 2,364 accumulated applicant startups and provided innovative services to financial consumers through various partnerships with those startups. SFG has invested more than USD 462 million in 2019 and announced to invest around USD 16.7 billion in startups over five years and to actively discover and support innovative startups. With this support of SFG, more than 93.4% of SFL member startups have survived to continue their business successfully. SFL also cooperates with cooperation partners who are top tiers in each market of Hyundai Motor Company(Mobility), GS Shop(Distribution), LG U+(Telecom) and Celltrion (pharmaceutical) and etc, planning to extend the partnership.
In the second half of the year, SFG will extend Fintech open innovation to Silicon Valley, Singapore and Japan with Plug and Play. Under this strategic partnership, SFG and P&P support each other to make a global ecosystem. They both look for opportunities to collaborate with startups who have secured technologies in Fintech and artificial intelligence (AI), Data analytics and many more to utilize the technologies for open innovation.
In the aspect of open innovation, SFG supports SFL member startups to expand in global market with Plug and Play while seeking cooperation opportunity with global startups from Plug and Play's dealflow. The first dealflow took place with fintech startups in February as part of plan throughout the year in Health, Insurtech, Mobility, Enterprise and other verticals. SFG pursues to find opportunity in cooperation and investment by discovering a global innovative startups world widely through the global partnerships.
SFG selected 36 startups for SFL batch 6 based on not only Fintech but also other verticals in February. Six startups for Silicon Valley that SFL and Plug and Play selected together are Build block (platform to support investment in the US housing market for middle-class investors in Asia), Security Platform (IoT security platform), Alink (NFC tagging service with low price applicable regardless of OS), Additor (document sharing, project management platform), Visual Camp (Measure marketing performance through eye tracking technology), Spiceware (Security solution for quick and easy installation).
About Shinhan Financial Group
Shinhan Financial Group is Korea's No.1 financial service provider offering broad range of financial products and services. The group was founded in 2001 to enable better services, growth of clients and deliver values in a rapidly changing Korean financial environment. Under the group, there are 16 subsidiaries including: Shinhan Bank, Shinhan card, Shinhan Investment Corp, Shinhan Life insurance, Orange Life (ING Life insurance), Shinhan Capital, Shinhan DS.
Through our various area of businesses, we are providing integrated values to our clients to help to achieve their goals.
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Plug and Play is a global innovation platform. Headquartered in Silicon Valley, we have built accelerator programs, corporate innovation services and an in-house VC to make technological advancement progress faster than ever before. Since inception in 2006, our programs have expanded worldwide to include a presence in over 25 locations globally giving startups the necessary resources to succeed in Silicon Valley and beyond. With over 10,000 startups and 400 official corporate partners, we have created the ultimate startup ecosystem in many industries. Companies in our community have raised over $9 billion in funding, with successful portfolio exits including Danger, Dropbox, Lending Club and PayPal. For more information, visit https://www.plugandplaytechcenter.com/.