Shinhan Financial, a South Korea-based financial services provider, has set up an accelerator in Indonesia, Kr-Asia has reported.
Shinhan Future’s Lab is run in collaboration with Indonesia’s biggest co-working space operator, CoHive, formerly known as EV Hive. It plans to work with four to five Indonesian startups per batch.
Future’s Lab Indonesia’s first batch includes four South Korea-based startups looking to expand into the country: lending platform PeopleFund, cloud security software provider Qubit Security, robo-advisor developer SBCN and digital insurance platform Bomapp. The next batch will focus on Indonesian startups.
Future’s Lab has invested ₩11bn ($9.1m) in 25 companies over the past five years, according to Korea Times. Shinhan launched an accelerator known as Shinhan Future’s Lab Vietnam in 2016 to back startups located in Vietnam.
