Shinhan Bank Signs MOU with Gyeonggi-do Market and Commercial Promotion Agency to Support Local Small Businesses

Business Agreement for Mutual Cooperation and Joint Research to Support Small Business Owners in Gyeonggi-do

[Asia Economy Reporter Kwangho Lee] Shinhan Bank announced on the 31st that it has signed a mutual data exchange and joint research business agreement with the Gyeonggi-do Market and Commercial District Promotion Agency to support small business owners and self-employed individuals in Gyeonggi-do who are struggling due to COVID-19.

The Gyeonggi-do Market and Commercial District Promotion Agency is a public institution under Gyeonggi-do established in 2019 with the purpose of supporting the management of small business owners and self-employed individuals in Gyeonggi-do through services such as commercial district impact analysis and innovation growth support for alley commercial districts and traditional markets.

Through this business agreement, Shinhan Bank will provide regional-based savings statistical data to the Agency, which will use it to advance the commercial district impact analysis system and apply it to support policies for small business owners.

Additionally, together with the Agency, they plan to conduct joint research projects on ways to enhance the survival capabilities of small business owners and self-employed individuals in the province by developing ▲ commercial district analysis big data ▲ new algorithms ▲ statistics supporting small business owners and self-employed individuals.

The Agency’s ‘Commercial District Impact Analysis System’ is accessible to anyone who wishes to use the service by visiting the commercial district impact analysis service homepage.

Lee Hong-woo, head of the Agency, stated, “In the era of the Fourth Industrial Revolution, we will do our best to establish support policies for the COVID-19 crisis situation through the development and utilization of big data for small business owners and self-employed individuals,” and added, “The Agency will also make every effort to build a social safety net for small business owners and self-employed individuals through continuous research and various support projects.”

Jin Ok-dong, CEO of Shinhan Bank, said, “We intend to actively participate in the joint research project for building a social safety net promoted by the Agency to help small business owners and self-employed individuals overcome the crisis.”

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