Shinhan Financial Group said on Monday it held a welcome day on April 30 for companies selected for the 12th cohort of its startup incubation program, Shinhan Future's Lab.

A total of 800 companies applied, the largest number on record, and 46 were selected. That is up 15 from a year earlier.

Shinhan Financial introduced a new "youth entrepreneurs" category this year targeting young CEOs and early-stage companies.

It also expanded its global programme. It increased the number of companies selected to 13 from 6 a year earlier and plans to offer cooperation linked to overseas units and chances to take part in local demo days.

The 46 selected companies will receive support including opportunities to work with group affiliates, office space, investment from a dedicated fund and participation in demo days.

As of the end of last year, Shinhan Future's Lab posted results including cumulative investment of 150.3 billion won, the identification of 351 collaboration cases and the production of 29 "baby unicorn" companies.

A Shinhan Financial official said, "Shinhan Future's Lab is expanding its scope beyond fostering, collaboration and investment linkages to include global expansion and support for youth entrepreneurs." The official said it will systematically support the entire process from identifying startups to growth, investment and overseas expansion.