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Potential recognized by Korea’s leading financial accelerator programs

REDi | 05.02| 413

REDi has recently earned coveted spots in — not just one, but two — highly-competitive start-up incubator programs hosted by Korea’s top financial institutions: “NH Digital Challenge Plus” and “Shinhan Future’s Lab”.

1NH Digital Challenge Plus
REDi was among the 33 top-tier start-ups that were selected by Nonghyup (NH) Financial Group, a leading financial institution with the largest domestic professional network in Korea. The NH Digital Challenge Plus is an investment and incubation program for enterprises focusing on the industrial application of key future technologies such as AI, blockchain, and machine learning. As part of the special accelerating track (Track A), REDi has been granted initial funding, with opportunities to be offered additional venture capital following the successful completion of the accelerator program.

NH Digital Innovation Campus

By participating in the “NH Digital Challenge Plus” program, REDi will have access to a wide range of consulting and mentoring services, by leveraging the expertise and technological know-how of NH financial group’s 5000+ network of professionals and institutions. In addition, REDi’s technical team has taken residence in NH’s newly established digital innovation campus, which is set to be one of the largest financial R&D centers for the research and industrial application of AI, IoT, and other emerging technologies. We look forward to great in-house collaboration with NH Financial group as well as neighboring start-ups to further enhance the technological viability and potential of our business model and platform services.

2Shinhan Future’s Lab
Within the same week, REDi has also been selected to participate in the “Shinhan Future’s Lab” program, hosted by Shinhan Financial group. As this year marking its 5th installment, Shinhan Future’s Lab is renowned for being one of the first incubator programs to be run by a financial institution, inaugurated with the mission to expand the fintech sector and nurturing start-ups with technological potential. The Shinhan Future’s Lab has already established a long line of successful graduates who are making massive strides in various industry sectors, including but not limited to AI, blockchain, and fintech.

Chairman of Financial Services Commision (FSC) and CEO & Chairman of Shinhan Financial group (left), and DY LEE (CEO of REDi) during the opening ceremony of Shinhan Future’s Lab (right)

This year’s entrance proved to be especially competitive, as REDi was one of only 40 companies selected to participate in the program out of the total of 652 companies that had applied. In particular, Shinhan Bank recently announced its renewed plans to allocate over 25 Billion Korean Won (approx. 21 Million USD) for investment in and nurturing of various fintech start-ups for the next 5 years. Out of the 40 companies selected, REDi was the only firm that explicitly focuses on the combination of renewable energy and blockchain. As a part of the exclusive program, REDi will be able to further commercialize its project and develop joint business models with close collaboration with various subsidiaries of Shinhan Financial Group.

It is indeed a great honour and privilege to be selected to both NH Digital Challenge Plus and Shinhan Future’s Lab, that our unique plans to drive the digital transformation of renewable energy has been recognized by top-tier financial institutions. We look forward to close collaboration with NH and Shinhan and to engage fully in its diverse pool of business and technological resources to continue our efforts to refine and enhance our business model and service offerings.

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