Woori Card's 220 Billion Won Win-Win Finance... Lee Bok-hyun "Hope It Spreads Across the Financial Sector"

Lee Bok-hyun, Governor of the Financial Supervisory Service

Woori Card announced on the 29th that it has prepared a 220 billion KRW scale win-win financial plan for small card merchants and vulnerable groups.

On the same day, Lee Bok-hyun, Governor of the Financial Supervisory Service, Lim Jong-ryong, Chairman of Woori Financial Group, and Park Wan-sik, President of Woori Card, attended the "Sponsorship Fund Delivery Ceremony for Vulnerable Groups and Small Business Owners Meeting" at the Good Neighbors Hall in Yeongdeungpo-gu, Seoul, and made the announcement.

Woori Card plans to support 80 billion KRW in new loans for low-income groups such as small business owners, 10 billion KRW in cashback for card usage at small and medium-sized merchants, and 130 billion KRW in low-interest refinancing loans and debt relief for delinquent borrowers. It will also provide commercial area analysis and marketing services for merchants.

Governor Lee said, "I hope such (win-win) efforts will spread throughout the financial sector," adding, "It is important for financial companies to practice sustainable win-win finance by developing specialized financial products to support vulnerable groups. I ask banks, insurance companies, as well as card companies and securities firms, to strive to develop various win-win financial products."

At the event, Governor Lee emphasized, "Currently, small business owners are in a situation where it is difficult to receive new loans or repay existing debts," and said, "Financial companies should actively support reducing the financial burden and recovery of small business owners from a partnership perspective, rather than responding in a 'taking away the umbrella when it rains' manner."

Regarding the rise in delinquency rates in the secondary financial sector, he said, "It is necessary to thoroughly manage soundness," but added, "It is also important to faithfully fulfill the fundamental role of supplying funds to ordinary people through reasonable credit screening." Governor Lee requested the secondary financial sector, including card companies, to "keep in mind not to excessively shrink fund supply to vulnerable groups during economic downturns, as middle- and low-credit borrowers are the main customers."

Furthermore, concerning the scheduled end of the debt repayment moratorium in September, he said, "If the smooth landing support plan proceeds well, there will be no major concerns," but added, "It is important for financial companies to prepare realistic and substantial repayment plans for each borrower, conduct one-on-one interviews with each borrower, and make thorough efforts in smooth landing support by preparing customized debt adjustment plans."

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