Shinhan Financial Group said Sunday it plans to launch a 2.1 trillion won ($1.8 billion) fund to support 2,000 startups and foster 10 unicorns in the next three years.
Unicorns refer to privately held startups valued at over $1 billion -- eight South Korean firms have made it to the list so far, according to US market research firm CB Insight.
Through its Triple-K Project, the Korean financial giant will support overseas forays of budding enterprises in collaboration with institutions and companies in Israel and France.
Shinhan Financial Group headquarters in central Seoul (Yonhap)
The group will also actively help local business via its startup nurturing program “Future’s Lab,” consulting space “Do Dream Space” and open incubation platform “Inno Talk.”
“We will create an environment where local firms with good ideas and technologies can benefit from our innovative financial support,” said Shinhan Financial Group Chairman Cho Yong-byoung.
Meanwhile, the group launched a promotion committee for financial innovation in March and has been boosting its innovation growth project.
By Jie Ye-eun (firstname.lastname@example.org