[Evolving CSR] Woori Card Produces Eco-Friendly Material Cards... Social Contribution Including Environmental Protection

Warm Management by Card Companies ⑥ Woori Card
Issuance of Social Bonds
Supporting Flower Farmers' Sales
To Overcome COVID-19 Damage

[Editor's Note] The methods of social contribution by card companies are evolving. As the emphasis on corporate social responsibility grows for sustainable management, including non-financial factors such as environment, society, and governance beyond financial indicators, social responsibility is becoming more prominent in financing, and the scope of social contribution is expanding to children and youth, local communities, natural environment, and culture and arts. Especially this year, card companies are conducting various social contribution activities, including financial support and marketing analysis using big data, for financially vulnerable groups facing crises due to the COVID-19 pandemic. Asia Economy presents a series on the social contribution activities of individual card companies leading warm-hearted management.

At the 'Guerrilla Market to Support Flower Farmers' event held at Woori Card headquarters in Gwanghwamun, Woori Card employees are purchasing flower pots.

[Asia Economy Reporter Ki Ha-young] Woori Card is faithfully fulfilling its role as a corporate citizen by carrying out various social contribution activities based on its 'Environment, Social, and Governance (ESG)' management policy.

This month, to express its commitment to environmental protection, it launched the eco-friendly card 'Card's Jeongseok Earth (US)'. The card plate applies eco-friendly materials such as wood sheets and Ecozen sheets, which emit less carbon compared to regular plastic, and the product guidebook is made using 100% recycled paper from sugarcane.

This card offers services specialized for eco-friendly consumption. It provides benefits to reduce carbon emissions, such as accumulating 50% of the usage amount as points when charging electric and hydrogen vehicles, and 10% when using public transportation or shared mobility services like Socar, Green Car, and Ddareungi.

It also issued social bonds to realize the value of coexistence. In November last year, it succeeded in issuing $200 million (approximately 234 billion KRW) worth of social overseas asset-backed securities (ABS), the first among domestic private companies. Since social bonds aim to solve social problems, the funds raised were used to pay card settlement amounts to small and medium-sized merchants.

To overcome the COVID-19 crisis, which has caused significant socio-economic damage, it has spared no comprehensive customized support. It offers loan principal and interest repayment deferrals for individual business owners and small merchants, and provides financial support such as interest-free installments for small and medium merchants and COVID-related industries.

In April, Woori Card employees held a guerrilla market at the Gwanghwamun headquarters to help increase sales for flower farmers struggling due to COVID-19. About 600 flowerpots prepared with the Seoul Flower Cooperative were sold out within two hours thanks to enthusiastic employee participation, supporting flower farmers going through difficult times.

As virus spread prolonged and donations decreased, it conducted 'Love Sharing' volunteer activities for marginalized groups at the end of the year. Along with about 1,000 masks prepared through voluntary employee donations, it donated 500kg of kimchi to the Changsin 2-dong Community Center in Jongno-gu, and donated 6,000 briquettes to the 'Dining Table Community Briquette Bank' to support low-income families in having a warm winter.

After successfully completing the 'Good Campaign' of Walk Together for about three months from June this year, it also donated electric wheelchairs. About 100 Woori Card employees accumulated a certain amount of money for each step taken in daily walking, and with the raised 10 million KRW, four electric wheelchairs were delivered to the severe disability facility 'Hansarang Village'.

A Woori Card official said, "We will actively promote corporate social responsibility (CSR) focusing on non-financial values by participating in Woori Financial Group's ESG management, and strive to lead by example for sustainable growth."

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