Six startups have been selected for the “Finnovation Challenge,” a fintech open innovation program run by the Seoul Metropolitan Government and Shinhan Financial Group. The selected companies range from a developer of an artificial intelligence (AI)-based residence support platform for foreigners to firms with expertise in financial data analytics, digital humans, and on-device marketing technology. They are expected to pursue technology validation and commercialization through collaboration with financial companies going forward.
The Seoul Metropolitan Government announced Tuesday that it had selected six startups for the “5th Finnovation Challenge,” conducted jointly with Shinhan Bank, Shinhan Card, Shinhan Investment Securities, and Shinhan Life. A total of 204 startups applied for this year’s competition, recording a ratio of approximately 34 to 1.
The Finnovation Challenge is a program combining “fintech” and “open innovation,” characterized by support for technology validation and commercialization through collaboration between financial companies and startups. From 2022 through last year, the Seoul Metropolitan Government has selected a total of 25 startups and supported their application in financial settings and service enhancement.
The companies selected this time include: Momstay, an AI-based residence support platform for foreigners; Advisor Loren, an AI financial data analytics and decision-support solution; Caring, a senior care platform; Klleon, which possesses real-time interactive digital human technology; First Value, a receivables securitization platform for small business owners; and Fairytech, an on-device AI marketing solution company. Notably, the selection features a large number of companies utilizing digital financial technologies such as AI and big data.
The selected companies will pursue proof of concept (PoC) and joint commercialization while collaborating with Shinhan Financial affiliates for approximately four months. They will also receive follow-up support such as mentoring, investment connections, and networking through Seoul Fintech Lab and Shinhan Future’s Lab.
Commercialization results from earlier award-winning companies are also continuing. Switch One launched a service combining currency exchange with fractional investment in U.S. stocks, while Noris Space is pursuing the introduction of an AI solution for detecting forgery and alteration of insurance documents.
Based on the results of future collaboration, the Seoul Metropolitan Government plans to select three outstanding companies and present awards at “Seoul Fintech Week 2026” in October. The selected companies will each receive 10 million won in commercialization support funds and residence opportunities.
Jin Sun-young, head of the Seoul Metropolitan Government’s Financial Investment Division, said, “The Finnovation Challenge is an opportunity for startups to directly validate and commercialize their innovative technologies in the financial field.” She added, “We will expand cooperation between financial companies and startups to help ensure that innovative technologies lead to actual services.”
