Lee Bok-hyun "Hope to Become a Catalyst for Improving People's Quality of Life"... FSC Selects Excellent Cases of Win-Win Finance

Lee Bok-hyun, Governor of the Financial Supervisory Service [Image source=Yonhap News]

The Financial Supervisory Service (FSS) announced on the 14th that it has selected seven cases as the first batch of excellent examples of 'win-win and cooperative financial new products.'

On the morning of the same day, the FSS held an awards ceremony at its main conference room in Yeouido to encourage financial companies that have worked to develop win-win and cooperative financial products and to promote a win-win atmosphere in the financial sector. About 60 representatives from the awarded companies attended the event. A total of 17 products were submitted, and seven products that showed promising potential to solve various social issues were selected.

Among the selected products were KB Kookmin Bank's 'KB Kookmin Hope Loan,' which was the first in the banking sector to convert high-interest second-tier financial loans into bank loans, and Shinhan Bank's 'COVID-19 Small Business Support Loan.' Also selected were IBK Industrial Bank's 'Parent Salary Preferential Savings,' offering up to 6.5% annual interest to families with infants and toddlers; Hana Bank's 'Childcare Savings,' providing up to 8.0% annual interest to pregnant women, childbirth families, and families with multiple children; and NH Nonghyup Bank's 'Hometown Love Donation Savings and Deposits,' offering up to 4.3% annual interest to participants in the hometown love donation program.

In the insurance industry, Hanwha Life Insurance's 'Win-Win Friend Children's Insurance,' targeting children from vulnerable groups, and Hanwha General Insurance's 'Premium Payment Deferral Special Contract for Childbirth and Childcare Leave,' which allows premium payment deferral during childbirth and childcare leave, were selected.

Lee Bok-hyun, Governor of the FSS, said, "Financial companies and financial consumers are not in a one-sided or temporary relationship but in a continuous partnership." He added, "I hope that better products will be developed in various sectors, broadening the choices available to financial consumers." He also emphasized, "I hope this awards ceremony will serve as a catalyst that contributes to improving the quality of life for the public, rather than being a one-time event."

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