[Financial New Paradigm ESG] Various Support for Underprivileged Groups Including Provision of COVID-19 Treatment Centers

Employee Donations... Contributions to Childcare Facilities
Helping Rural Labor Shortage · Profit Returned to Local Communities
Opening of Dedicated SME Products Section in Company Shopping Mall

[Asia Economy Reporters Kim Hyo-jin and Ki Ha-young] The financial sector's 'Environmental, Social, and Governance (ESG)' management is being realized through various support activities for marginalized groups. Especially since last year, there has been active participation in supporting vulnerable groups affected by the novel coronavirus disease (COVID-19), focusing on realizing the value of 'warm finance.'

In the case of Woori Financial Group, in preparation for the urgent demand caused by the third wave of COVID-19 centered in the metropolitan area, the group provided its training center in Anseong, Gyeonggi Province, which has 102 rooms and 300 beds, as a residential treatment center.

One representative social contribution activity was when Woori Bank employees voluntarily donated part of their salaries to the 'Woori Children's Fund,' which raised 200 million KRW in donations for 57 child welfare facilities for marginalized children in the Daegu and Gyeongbuk regions, which were in crisis due to the initial COVID-19 outbreak last year.

NH Nonghyup Financial Group, as a financial company with a strong public interest character that carries out various policy financing and returns most of its profits to local communities, is conducting various social contribution activities for agriculture, rural areas, farmers, and customers.

They are working to improve the quality of life for farmers through helping with farm work during the farming season and the 'Another Village Making Movement,' and they provide part of their business profits to the Nonghyup Central Association to be used as resources for support projects for farmers, rural areas, local communities, and marginalized groups.

Beyond traditional donation activities, efforts to support emerging small and medium enterprises or small business owners through platform construction are also notable. Shinhan Financial Group's recently launched 'Gibalhan Production' on mobile and other channels is an example.

As an extension of the 'Gibalhan Advertising' campaign, which lent Shinhan's advertising space to companies to help early-stage startups, this project supports the growth potential of not only startups but also youth, small business owners, and various members of local communities.

A financial sector official explained, "The recent trend is that multifaceted support is simultaneously underway, such as directly selecting target companies beyond passive loan execution, giving them opportunities, or establishing platforms to push them forward."

In the insurance industry, the life insurance sector continues social contribution activities centered on the 'Life Insurance Social Contribution Committee,' established in 2007 by the Life Insurance Association and 18 life insurers. These activities include suicide prevention, addressing low birth rates, overcoming aging, supporting life respect projects, and welfare support for marginalized groups.

The non-life insurance sector also continues volunteer work for marginalized groups, environmental and cultural arts donations, and global social contributions through the 'Social Contribution Council' composed of presidents of 18 non-life insurers. Additionally, they operate 'Startup Nest,' an integrated residential and office startup support project.

In the credit card industry, various social contribution activities are being carried out to realize the value of mutual growth for small business owners and self-employed individuals. Shinhan Card opened a dedicated section for small and medium enterprises and small business owner products on its shopping mall, All That Shopping, last year.

Samsung Card is also leading big data-based marketing support for small and medium business owners and pioneering sales channels for social economy enterprises. KB Kookmin Card is strengthening support for small business owners and self-employed individuals through innovative financial services such as the 'Get Back Service,' which reduces merchant fees for small business owners, and 'Credit Tree,' a comprehensive credit evaluation service specialized for individual business owners, along with data consulting.

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