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RETAIL BANKING | Staff Reporter, Korea

Shinhan Financial Group pledges $40.52b in corporate loans by 2023

The group is also aiming to increase VC fund to $123.32m.

Shinhan Financial Group is throwing its full weight in support of the country’s SMEs and corporates with the pledge of lending $21.14b (KRW24t) in corporate financing over the next three years which will be increased to $40.52b (KRW46t) by 2023, reports the Korea Times.

Also read: Shinhan leaps into Korea's heating web-only banking race

The bank has also set up a large-scale in-house committee led by group chairman Cho Yong-byoung that will work to enhance corporate financing and SME investment.

The group’s global investment banking department will lead SME Investment where they will work to maximise a joint project between fintechs and incumbents called Futures Lab. As of 2018, 72 startups have already been approved for the programme.

Shinhan is also aiming to increase venture capital fund to $123.32m (KRW140b) from the current $88.08m (KRW100b) which is also in conjunction with a $17.62m (KRW20b) fund jointly set up with SK Group that will be expanded over the next five years.

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