Standard Chartered Bank Korea said Tuesday it signed an agreement with a city-funded women rights organization to nurture young talent and foster the development of the tech-driven financial services sector.

Under the memorandum of understanding, the bank and Seoul Foundation of Women and Family will jointly run an incubator program dubbed Women in FinTech Academy, which is to target young women who aspire to launch fintech startups.

The program is expected to increase women’s stake in the country’s fintech startup and entrepreneurial ecosystem, the bank said.

“We will continue to support young women to exhibit their entrepreneurial spirit and discover innovative ideas in order to become leaders in the digital finance and fintech sectors,” said Choi Ki-hoon, head of the marketing and communications division at SC Bank Korea.

In 2020, Standard Chartered Bank Korea launched the fostering program for six weeks with 30 teams that participated in mentorship sessions with fintech experts and executives at SC Ventures, the innovation and ventures unit of the global banking group. Following a demo day where the participants pitched their ideas to a panel of judges, the top-five performing teams received funding totaling 11 million won ($9,900) from Standard Chartered Bank Korea.

Recruitment for participants in this year’s event will begin on May 12 and further details will be announced later, according to the bank.

The Seoul Foundation of Women and Family, for its part, will provide the top three winners residency in the group’s co-working place called Space Sallim, in Dongjak-gu, Seoul.

By Park Han-na (hnpark@heraldcorp.com)