Shinhan Bank signs MOU with Yonsei University tech unit to foster innovative startups

Shinhan Bank has teamed up with Yonsei University Technology Holdings to identify and nurture innovative technology startups, linking the university's research output to commercialization opportunities and connecting promising companies with investment, financial and incubation support.

Shinhan Bank announced Wednesday that it signed a strategic partnership MOU with Yonsei University Technology Holdings at Yonsei University's main building in Seodaemun-gu, Seoul, on Tuesday.

Under the agreement, the two institutions will jointly identify promising pre-startup founders and early-stage technology ventures, support their participation in investment and incubation programs as well as the TIPS program, and provide the infrastructure and networks needed for technology commercialization and startup incubation. The move aims to broaden the reach of productive finance by channeling university research into new businesses and supplying the capital startups need at each stage of growth.

Yonsei University Technology Holdings was this year selected as the sole university-sector operator in the technology commercialization specialist development category under the Ministry of Science and ICT's technology management promotion project. The organization identifies promising technologies and innovative companies and supports their commercialization, investment and incubation.

Shinhan Bank plans to connect companies identified and recommended by Yonsei University Technology Holdings with accelerating programs run by Shinhan Future's Lab and Shinhan Square Bridge. The bank will also provide TIPS participation opportunities through Shinhan Venture Investment, along with financial, management and consulting support.

"We will provide meaningful support for the commercialization and growth of innovative companies by combining Yonsei University Technology Holdings' strength in identifying outstanding technologies and businesses with Shinhan Bank's financial and investment infrastructure," said Lee Jong-gu, head of Shinhan Bank's Sales Promotion Group 1. "We will expand cooperation with universities and technology holding companies to proactively identify high-growth businesses and continue strengthening productive finance."

Hong Jong-il, chief executive of Yonsei University Technology Holdings, said the organization would work with Shinhan Bank to deliver investment, financial and incubation support tailored to each stage of a company's growth. "We will cooperate closely to ensure this agreement translates into real growth for startups and tangible results in university technology commercialization," he added.

The two institutions plan to form a working-level consultative body to flesh out the details of their joint initiatives, including company identification and support programs.