Shinhan Card and Visa Collaborate on ESG Projects... Industry's First Global Joint Funding

Shinhan Financial Hope Foundation Contest Project Link
Promotion of Small Business Support Project through Regional Economic Revitalization

[Asia Economy Reporter Ki Ha-young] Shinhan Card announced on the 8th that it will promote social responsibility activities through global CSR funding for the first time in the industry, together with Visa Korea.

Following the participation of global investors in the $400 million overseas social bond offering, the first of its kind by a domestic card company last month, the joint promotion of environmental, social, and governance (ESG) projects with Visa Korea has now been confirmed.

The global CSR funding initiative is made possible by Visa Korea's joint participation, which shares Shinhan Card's continuous corporate social responsibility (CSR) achievements and direction. The plan is to support various regional projects focusing on sectors of society affected by the novel coronavirus infection (COVID-19).

First, the two companies will promote a public contest project that supports social issues such as social welfare, public sectors, and revitalization of the local economy through diverse ideas from stakeholders within the community. They will share donation funds for the public contest project of Shinhan Financial Group's Shinhan Financial Hope Foundation and participate in CSR projects aimed at revitalizing the local economy among the seven projects selected through the contest held in August.

Additionally, they plan to jointly promote Shinhan Card's representative social contribution activity, the Areumin Library project, by sponsoring part of the donation funds jointly prepared by both companies to the Northern Comprehensive Social Welfare Center. Furthermore, in cooperation with the Community Chest of Korea, they plan to carry out projects to support socially vulnerable groups such as small business owners facing economic difficulties due to COVID-19 and to revitalize the local economy.

A Shinhan Card official stated, "It is highly meaningful to promote corporate social responsibility activities through joint funding with a global partner for the first time in the industry," adding, "We will strive to create shared value suitable for the post-COVID era and to embody the ESG strategy pursued by Shinhan Financial Group."

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