Shinhan Financial Group in Viet Nam and Grab Viet Nam sign a deal for a strategic partnership to support the local start-up eco-system. — Photo courtesy of Shinhan Financial Group

South Korean-owned Shinhan Financial Group and Singaporean-owned Grab Viet Nam on Tuesday signed an agreement to contribute to the start-up eco-system in Viet Nam.

Senior leaders from Grab Viet Nam and Grab Ventures Ignite will act as mentors under the Shinhan Future’s Lab Vietnam 20 - 21 Open Innovation for Startup programme to help start-ups grow faster by connecting them with large corporations for potential collaborations.

The start-ups will be chosen from various sectors such as fintech, retail and e-commerce, foodtech and agriculture, proptech, edtech and healthcare.

The two sides also committed to sharing a strategic vision for developing the start-up eco-system with authorities, large local firms and global partners.

They will enable digital transformation by enabling people to open accounts at Shinhan Bank and SFG providing loans through the Grab app.

Shin Dong Min, CEO of Shinhan Bank Viet Nam and representative of SFG in the country, said: “The partnership aims to build a new innovative model through direct support to the local start-up eco-system, and launch a new paradigm for both corporations and the start-up eco-system.”

Nguyen Thai Hai Van, managing director of Grab in Viet Nam, said the company supports start-ups across the region through its Grab Ventures Ignite, an accelerator programme designed to build capability for early-stage start-ups.

“We aim to [enable] even more Vietnamese start-ups … achieve success.” — VNS