Hana Financial Group Chairman Ham Young-joo, third from left, holds a promotional placard with Inha University President Cho Myung-woo, second from left, after signing an agreement to collaborate on support for young start-ups at Inha University in Incheon, Tuesday. Courtesy of Hana Financial Group

The country's leading financial groups are fortifying their social venture programs, aiming to identify and support young entrepreneurs in industries poised to drive future growth.

Hana Financial Group signed an agreement with Inha University Tuesday, to foster young startups through the Hana Social Venture University, the group's young entrepreneur program.

The program provides aspiring entrepreneurs with professional training and tailored support for their respective regions, to contribute to the creation of a sustainable startup ecosystem.

It has been gaining interest as a successful example of cooperation between the government and private and academic entities, as the Ministry of Employment and Labor has been jointly running the program with Hana for three years, recognizing the financial group's contribution to youth job creation.

The collaboration has expanded to 30 schools nationwide in 2023 since 2022, when it included 10 schools. A total of 2,050 young people went through the training by the Hana-ministry program so far as of the end of 2023, with 217 teams having successfully established a business presence in their regions.

Hana is expanding its program this year to include not only aspiring entrepreneurs but also those who need to scale up businesses they have already launched. It is also maximizing effect through close collaboration with local universities, providing tailored training programs and financial support.

"Hana Social Venture University is meaningful in that Hana, local universities, and young people become one for a better future for their region. We will continue our best efforts to support young entrepreneurs in establishing businesses and creating jobs," Hana Financial Group Chairman Ham Young-joo said.

Hana Financial has been committed to creating jobs and strengthening a sustainable startup ecosystem, as illustrated by a variety of job training opportunities for underprivileged groups, including people with disabilities and women whose careers were interrupted due to bearing and raising children. Similar programs are available for green technology firms and the 40 to 59 age group, who are seeking to re-enter the workforce.

Shinhan Financial Group Chairman Jin Ok-dong speaks during Shinhan Futures Lab, the group's startup accelerator program, at Shinhan Venture Investment headquarters in Samseong-dong, southern Seoul, Tuesday. Courtesy of Shinhan Financial Group

Shinhan Financial Group held a similar event on the same day.

Shinhan Financial Group Chairman Jin Ok-dong attended Shinhan Futures Lab, the group's startup accelerator program, at Shinhan Venture Investment headquarters in Samseong-dong, Seoul, Tuesday.

This year marked the 10th anniversary of the program, long recognized for providing consulting, investment opportunities and business strategies.

The program amassed 86.6 billion won in investment as of April and generated 270 collaborative business projects, including the launch of 21 unicorns.

A unicorn is a privately owned startup company valued at over $1 billion that is not listed on the stock market.

"We will spare no efforts so that the brilliant ideas of startups and our will for innovation create synergy and suggest solutions for diverse social issues," Jin said.

This year, Shinhan Financial selected a total of 32 startups that will advance collaboration with group subsidiaries and expand business networking.

Among them were companies with visions of tackling the low birthrate and demographic challenges.

KB Financial Group Chairman Yang Jong-hee, sixth from left, makes a hand gesture resembling a heart with other group officials at KB Innovation HUB Center in Seoul, Tuesday. Courtesy of KB Financial Group

KB Financial Group held a similar event where 200 people, including the financial regulators, state-run investment entities, venture capital and startups attended to celebrate the 10th anniversary of the KB Innovation HUB Center.

The venture startup fostering program drew 210 billion won in investments and has advanced 312 collaborative projects with group affiliates.

Among the attendees were officials in the fields of communication and hospitality services platform operations, as well as artificial intelligence financial data management.

They shared stories of growth, business planning and technology developments.

Government officials, venture capitalists and the group's investment subsidiaries provided consultation on corporate fund management and government-assisted projects.

"We will collaborate with startups in not only finance but also in non-finance and new technologies to help the rise of many global unicorn companies," Yang said.