Shinhan Data System, subsidiary of Shinhan Financial Group, and Singapore-based fintech platform, Marvelstone Tech, has signed a Memorandum of Understanding (MOU) to support the growth of global Fintech companies on the 9th of March.
According to their Bloomberg profile, Shinhan Data System engages in the development and operation of computer systems in South Korea. Through their services, banks and other institutions are able to integrate their systems into shared networks, systems as well as other developments.
Marvelstone Tech plans to set up an Asian fintech platform for fintech opportunities around the region to come together under one integrated channel.
Shinhan Data System and Marvelstone Group announced that they will lead the Fintech market in Asia by collaborating in the areas of mentorship and reviewing commercialization efforts for fintech startups in the region. These efforts and collaborative initiatives will be carried out at Shinhan Future’s Lab (Shinhan Financial Group’s Fintech training program) and 10K (Marvelstone Group’s Startup platform) to facilitate the global expansion.
‘Shinhan is leading in banking innovation, technology as well as mobile-based initiatives in the financial services sector in South Korea. At Marvelstone Tech, we are excited to partner with Shinhan in various efforts from assisting fintech startups in their expansion plans to collaborations in our vision of building an Asian fintech platform,’ said Joe Seunghyun Cho, founder and CEO of Marvelstone Tech.
‘It is exciting times for fintech in the region of Asia now and we are ready to be part of the revolution brought forward by the rapid advances and development in the fintech space. Together with Shinhan, we hope to form a linkage to bring together fintech communities around Asia, especially to South Korea, where fintech initiatives are abundant but have lack of access to other Asian markets in the past,’ he added.
Shinhan Future’s Lab, which is Korea’s fintech training & collaboration program, has been running training and collaboration programs for 23 companies since they began.
On the other hand, Marvelstone Tech has succeeded in attracting a seed funding amount of US$12.6 million from angel investors recently. It was also reported that this will be the largest amount of angel-stage funding this year in Asia.
Shinhan Financial Group officials said that through this MOU, they hope to act as a bridge for the Fintech ecosystem which can help Korean fintech companies breakthrough the Asian market, especially the Asian fintech hub, Singapore. On top of that, this MoU aims to assist fintech companies around Asia in entering the Korean market as well.
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