South Korea and Indonesia fintechs collaborate on accelerator lab

Friday 13 September 2019 13:01 CET | News

Fintech startups in South Korea are using an accelerator programme to expand into Indonesia and form partnerships with its startups, reports Ruby Hinchliffe from FinTech Futures.


South Korea’s Shinhan Financial Group (SFG), along with co-working space company CoHive, has officially launched the Shinhan Future’s Lab Indonesia.

This follows the first accelerator lab SFG set up outside South Korea in Vietnam three years ago.

There will be two batches a year, totalling to as many as eight to ten startups entering the program each year. Recruits from Indonesia have already been scouted for 2019.

This is three times the volume of startups which have passed through the already-established Vietnam Lab, which has accelerated 11 in total over three years.

In Indonesia, two of the first four South Korean startups known to be joining the first batch are peer-to-peer lender Peoplefund and robo-advisor fintech SBCN.

Initially SFG will invest in the companies, but there will also be venture capitalists and investors like Plug and Play, East Ventures, Convergence Ventures and Mandiri Capital joining the programme.


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Keywords: digital, innovation, partnerships, startups, fintech, Asia Pacific, Indonesia, South Korea, CoHive
Countries: World