Shinhan Financial Group and Jungjingong Join Hands to Foster Startups Entering the Japanese Market

Establishment of Public-Private Partnership to Support Japanese Market Entry and Scale-up of Domestic Startups

Shinhan Financial Group announced on the 5th that it has signed a business agreement with the Small and Medium Business Corporation for "Korean Startups' Entry into and Growth in the Japanese Market."

This agreement was signed proactively in response to the increased demand for Korean startups to enter the Japanese market following the improvement of Korea-Japan relations and the acceleration of economic cooperation after the Korea-Japan summit.

Both organizations plan to cooperate to establish a public-private partnership system for Korean startups' local entry and scale-up in Japan, jointly nurture startups entering Japan, and expand exchanges between Korean and Japanese startups.

Shinhan Financial plans to expand collaboration with the Small and Medium Business Corporation's Global Business Center (GBC) and Korea Startup Center (KSC) in countries other than Japan through the group's startup accelerating program, 'Shinhan Futures Lab.'

'Shinhan Futures Lab Japan,' launched last November following Vietnam in 2016 and Indonesia in 2019, serves as a private bridge to connect and expand the Korea-Japan venture ecosystem by supporting domestic startups' entry into Japan.

Shinhan Financial supports global value-up programs, investment reviews, and local investor networking through Shinhan Futures Lab Japan. The Small and Medium Business Corporation supports localization diagnosis of startups using the Tokyo Global Business Center, and Shinhan Bank's Japan branch (SBJ Bank) supports Korean startups in successfully establishing themselves in Japan through local networks and financial services.

Kim Myung-hee, CDO of Shinhan Financial Group, stated, "To connect and expand the venture and startup ecosystems of Japan and Korea, we plan to nurture startups by utilizing the startup discovery, nurturing, investment know-how, and global network accumulated by Shinhan Futures Lab. We will strengthen the public-private partnership system with the Small and Medium Business Corporation to support greater growth of our startups and create greater synergy."