Son Tae-seung, Chairman of Woori Financial Group, "Full Support for Korean New Deal... 10 Trillion Won Investment Over 5 Years"

Financial Services Commission Chairman Reveals at Meeting with Heads of 5 Major Financial Groups
"Expansion of COVID-19 Loan Maturity Extensions Also Underway"

[Asia Economy Reporter Kim Hyo-jin] Sohn Tae-seung, Chairman of Woori Financial Group (photo), stated, "We will do everything possible at the group level to support the success of the Korean New Deal policy, which will become a new paradigm for our economy."

Woori Financial announced on the 26th that Chairman Sohn made these remarks at a breakfast meeting with Eun Sung-soo, Chairman of the Financial Services Commission, and the heads of the five major financial holding companies on the 23rd.

Woori Financial plans not only to support innovative finance through the 'Innovation Finance Promotion Committee' but also to establish support measures to ensure smooth funding supply in the Korean New Deal sectors and strengthen cooperation among group companies.

Regarding support for the Korean New Deal policy, in the 'Digital New Deal' sector, the plan is to lead the transition to a digital economy through active financial support in three major areas: ▲ strengthening the D.N.A (Data, Network, Artificial Intelligence) ecosystem ▲ digitalization of SOC ▲ fostering non-face-to-face industries.

As a specific measure, to enhance the utilization of financial data as a quasi-public good, data trading will be activated, and to support the digitally marginalized, supply chain financial products for small business owners in online markets will be developed along with support for low-cost online sales channels.

In the 'Green New Deal' sector, investments in renewable energy and eco-friendly industries will be expanded to fulfill the fundamental role of finance growing together with society and actively participate in the transition to a sustainable economy. To this end, a 'Green New Deal Investment Platform' considering financial support from the early stages of projects will be newly established and operated, and financial support for fostering eco-friendly and green industries will also be expanded.

Meanwhile, to actively support the Korean New Deal policy, Woori Financial plans to provide loans and investments totaling 10 trillion won over five years starting this year: 3.3 trillion won for the Digital New Deal sector, 4.5 trillion won for the Green New Deal sector, and 2.2 trillion won for strengthening safety nets, while concurrently supporting existing innovative finance (20 trillion won over three years).

Additionally, regarding financial support to overcome the novel coronavirus infection (COVID-19), measures such as extending loan maturities will be expanded to minimize customer damage and maintain market stability, and additional policy support from financial authorities has been requested to back this.

Chairman Sohn Tae-seung said, "Not only will we actively provide financial support for the Korean New Deal, but considering the prolonged COVID-19 pandemic and difficult economic conditions, all employees of Woori Financial will focus the group's capabilities with interest in fulfilling social responsibilities."

This content was produced with the assistance of AI translation services.