Shinhan Financial Group is joining hands with the Korea Technology Finance Corporation and Seoul National University Hospital to foster K-bio venture companies.

Shinhan Financial said on June 29 it signed a memorandum of understanding in San Diego on June 26 with the Korea Technology Finance Corporation and Seoul National University Hospital for the joint discovery and nurturing of global K-bio venture companies.

The three organisations plan to expand opportunities for domestic bio venture companies to attract investment and cooperate on technology by linking with the global bio innovation ecosystem.

Under the agreement, Shinhan Financial will support investment and loans for bio venture companies jointly identified. The Korea Technology Finance Corporation will provide guarantee support, and Seoul National University Hospital will provide R&D infrastructure and technical support.

The three organisations plan to build a cooperation platform covering the entire growth cycle, from technology commercialisation to consulting for overseas market expansion and network links.

A Shinhan Financial official said, "We have laid the groundwork for cooperation to support the growth of promising bio venture companies by bringing together specialised capabilities in finance, guarantees and healthcare," and added, "We will actively support the growth and global expansion of K-bio venture companies."