Shinhan Financial Group selects three fintech startups, backs commercialization

[Financial News] Shinhan Financial Group is partnering with the Seoul Metropolitan Government to select three fintech startups with innovative technologies and support their commercialization.
According to financial industry sources on the 26th, Shinhan Bank presented awards to three outstanding companies in the 2026 5th Finovation Challenge at Seoul Fintech Week 2026, held that day at Conrad Hotel in Yeouido, Seoul, together with Shinhan Card, Shinhan Securities, Shinhan Life and the Seoul Metropolitan Government. 
The Finovation Challenge is an open innovation program run by Shinhan Financial Group and the Seoul Metropolitan Government since 2022. Its goal is to identify startups with innovative technologies that can be applied to financial services and support their commercialization in collaboration with Shinhan Group affiliates.
A total of 204 companies took part this year, resulting in a competition ratio of 34 to 1, and six were selected. For about four months, the selected companies participated in incubation programs at Shinhan Future's Lab and Seoul Fintech Lab, refining their business ideas and pursuing collaboration with Shinhan Group affiliates. After a comprehensive assessment of their technological maturity, proof-of-concept (PoC) results and growth potential, Kleon, Caring and Fairytech were named the final awardees.
Kleon, which received the Seoul Mayor's Award, worked with Shinhan Life to introduce and pilot a training solution for financial professionals that uses generative AI-powered human avatars.
Caring, recipient of the Shinhan Innovation Award, worked with Shinhan Bank to provide digital financial education for seniors and care workers, aiming to improve access to financial services.
Fairytech, which received the Finovation Award, worked with Shinhan Card to enhance a personalized marketing solution using on-device AI-based user behavior analysis technology.
Each of the three companies selected as awardees received 10 million won, for a total of 30 million won in prize money. Shinhan Financial Group and the Seoul Metropolitan Government plan to support the companies in moving into Seoul Fintech Lab and participating in Shinhan Future's Lab incubation programs, while assessing opportunities for joint commercialization with Shinhan Group affiliates and continuing follow-up collaboration.
A Shinhan Bank official said, “This challenge provided an opportunity for startups and financial institutions to explore how technology can be used and gain experience collaborating,” adding, “We will continue to work with the Seoul Metropolitan Government to help promising startups grow steadily and identify products and services that make financial services more convenient for customers.”

[email protected] Seo Ji-yoon Reporter