Shinhan Bank is joining hands with Seocho-gu and the Seoul Credit Guarantee Foundation to support AI and ICT companies in the Seocho area with financing, guarantees, consulting and investment links.

Shinhan Bank said on Sept. 7 it signed a comprehensive business agreement with Seocho-gu and the Seoul Credit Guarantee Foundation to cooperate on financing, guarantees and growth support for companies moving into or being attracted to SeochoAICT.

The agreement was set up to build a stage-by-stage support system for SeochoAICT tenant and attracted companies and AI and ICT firms, from identifying companies to credit guarantees, financial consultations, management consulting and investment connections.

SeochoAICT is an integrated brand that encompasses the Yangjae AI Future Convergence Innovation Special Zone designated by the Ministry of SMEs and Startups in November 2024 and the Yangjae and Gaepo ICT Specific Development Promotion Zone designated by the Seoul metropolitan government in February. About 500 companies are currently located in the area.

Under the agreement, Seocho-gu will identify and recommend AI and ICT companies eligible for support, and handle demand assessments and project guidance. The Seoul Credit Guarantee Foundation will provide credit guarantee consultations for recommended companies, review the possibility of guarantee support and link management support programmes.

Shinhan Bank will provide financial consultations for recommended companies, including loans, foreign exchange and cash management, and review financial support suited to their growth stage. It will also provide specialised head-office consulting on management issues, including finance, funding, business strategy, fundraising, IR, digital and ESG.

It will also pursue non-financial support such as investment reviews, open innovation, accelerating and networking by linking with Shinhan Financial Group affiliates including Shinhan Venture Investment.

The three organisations plan to jointly run corporate support programmes such as briefings, consultation sessions, meetings, IR and training, and to cooperate on identifying policy demand and sharing information.

A Shinhan Bank official said the agreement created a foundation to link support needed by SeochoAICT tenant and attracted companies and AI and ICT firms based on each organisation's expertise. The official said the bank will support the growth of promising companies through financial support, specialised consulting and investment links.