4 Indonesian Startups Passed the Third Shinhan Future’s Lab Batch

Shinhan Future’s Lab has started the acceleration program for the third time in Indonesia. On March 8, 2021, Shinhan Future’s Lab Indonesia held an ‘Online Final Evaluation Day’ event in which 12 of the best Indonesian startup finalists presented their business in front of the judges.

Among the judges came from internal Shinhan Financial Group Korea and Indonesia, as well as several Venture Capital including Genesia Ventures, UMG Idealab, Monks Hill Ventures, Cyberagent Capital, Indogen Capital, Kasikorn Vision, and Orbit Fund (SBI-Kejora).

In this third batch, there are startups that have successfully escaped. The following is the list as quoted from a press release from Shinhan Future’s Lab, Thursday (18/3/2021).

1. Tanamduit

Tanamduit is a digital platform that helps users to invest digitally in various types of financial products, namely mutual funds, Retail Government Securities and physical gold, and micro insurance products, currently consisting of health insurance and mobile insurance.

2. Schoters

Schoters is an online marketplace in Indonesia that focuses on education & foreign language services for preparation for study abroad. This platform makes it easy to prepare for studying abroad and helps users by providing the latest information about registration and scholarships in 50+ countries.

3. IZY

IZY.ai is a mobile concierge platform that assists hotels in digitizing services and increasing revenue. IZY.ai is the first Indonesian startup that provides a solution to create a satisfying hotel stay experience.

4. Hotdeal by Cashtree

Hotdeal is a video commerce platform that provides a fun and reliable online shopping experience for consumers. Through video media as the main content, Hotdeal delivers information about product details very clearly.

The Activities are Carried Out for 14 Weeks

The four startups that have passed will participate in a series of activities for fourteen weeks, including mentoring with a number of experts from various fields as well as networking with the Shinhan Financial Group partner network.

Not only that, but they will also get co-working space facilities at Cohive 101, South Jakarta and will be linked with a network of investors from the Shinhan Financial Group or other external parties.

“We are very pleased to be able to help a number of Indonesian startups to develop through programs from Shinhan Future’s Lab,” said Muhammad Ihsan Hilmiawan, Program and Project Manager of Shinhan Future’s Lab Indonesia. He said, last year his party had accelerated eight startups and in the future, it will continue to help the startup ecosystem in Indonesia.

Indonesia – South Korea Cooperation Supports Startup Development

Three startup companies from South Korea, namely Enuma, GDFLAB, and LabSD, are interested in entering the Indonesian market. Representatives of the three companies also met with the Indonesian Ambassador to South Korea Umar Hadi at the Representative Office for the Investment Trade Promotion Office (ITPO) of UNIDO South Korea and D-Camp, one of South Korea’s biggest startup accelerators and incubators in Seoul on Tuesday (9 / 3).

The three South Korean companies each develop innovations in the field of education (e-learning), artificial intelligence-based applications for image/video quality, and artificial intelligence-based technology for diagnosing eye conditions.

In a written statement from the Indonesian Embassy in Seoul, Wednesday (10/3), Ambassador Umar Hadi expressed his warm welcome on the plan and encouraged South Korean startups to form partnerships with startups from various related parties in Indonesia.

Referring to the statement from the Indonesian Embassy in Seoul, the startup ecosystem in South Korea is very advanced and Indonesia can learn a lot from South Korea. On the other hand, Indonesia has a digital landscape that is bigger than South Korea, startups that are growing rapidly, and young people with extraordinary digital abilities.