Shinhan Financial Group Exceeds Annual Target by 100% for K-New Deal Innovative Finance Support

Active Participation in Government Future Innovation Projects for Creating an Innovative Growth Ecosystem

[Asia Economy Reporter Kwangho Lee] Shinhan Financial Group announced on the 22nd that it has exceeded its 2020 loan and investment targets for the Shinhan N.E.O Project, which supports the Korean New Deal policy.

The Shinhan N.E.O Project was announced last June by Shinhan Financial as the first in the financial sector to support the discovery of new national economic growth engines in the post-COVID-19 era. It is based on three pillars: financial support for new growth industries, leading new digital finance, and creating a new growth ecosystem.

According to Shinhan Financial, to support new growth industries, loans were provided to innovative and New Deal-related small and medium-sized enterprises amounting to KRW 23.5 trillion last year. This achieved 153% of the target of KRW 15.4 trillion set for the previous year.

In addition, in the fields of innovation and New Deal investments, the results exceeded the previous year's targets by 132% (innovation investment target KRW 415 billion, actual investment KRW 549.9 billion) and 109% (New Deal investment target KRW 600 billion, actual investment KRW 656.2 billion), surpassing goals in all loan and investment areas.

Shinhan Financial is conducting various projects besides the N.E.O Project for future innovation. These include the Innovation Growth Project to create an innovative growth enterprise ecosystem and the Triple K Project to complete an innovative financial platform.

Furthermore, to ensure the success of the Korean New Deal, Shinhan is promoting policy-type New Deal funds and creating private New Deal funds. In the first quarter of this year, it plans to launch a KRW 400 billion scale Digital New Deal private investment business (BTL) fund and the Shinhan Green New Deal Fund through Shinhan Asset Management.

Support for COVID-19 continues actively. On the 17th, Shinhan Financial Chairman Cho Yong-byeong urged the CEOs of group companies at the 'Group Management Meeting' to actively participate in extending loan maturities and deferring interest repayments for small and medium-sized enterprises and small business owners.

Chairman Cho said, "Please faithfully fulfill the social role of finance by preparing various support measures so that customers can wisely overcome the difficulties caused by the prolonged COVID-19 pandemic."

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