Shinhan Future's Lab opens startup accelerator in Japan

South Korea's Shinhan Financial Group said on Monday it held a ceremony Friday to launch Shinhan Future's Lab Japan in Tokyo.

The business acceleration project, launched in 2015, has fostered 323 startups at home and abroad with total investment of 64 billion won ($46 million). And through the 'Baby Unicorn 200' project of the Ministry of SMEs and Startups, the venture has created a financial sector-leading 18 companies.

Tokyo's is the third branch of Shinhan Future's Lab abroad after Vietnam in 2016 and Indonesia in 2019. By developing startups in Japan, the group says it seeks to link and grow the venture ecosystem between Korea and Japan.

Shinhan Future's Lab Japan will provide supports for Korean startups seeking to enter Japan; stimulation of bilateral startup exchanges; and identifying and investing in promising Japanese ventures. In collaboration with its affiliate Shinhan Bank Japan, the group plans to support the financial operations of Korean startups and run digital partnerships in new businesses.

Attending the ceremony was the group's chief digital officer (CDO) and vice president Kim Myoung-hee, Shinhan Venture Investment CEO Lee Dong-hyun, SBJ President Tomiya Seiichiro, and Shinhan Financial executives and staff.

"Through startup development and investment know-how, we will reinforce connections and expand the venture ecosystem between Japan and Korea," CDO Kim said. "Using the strengths of both countries and covering for each side's weaknesses will create a range of value that will lead future sectors."

Write to Sang-Yong Park at yourpencil@hankyung.com