Continued Cooperation Between Traditional Markets and Financial Companies... Preventing Financial Crimes Affecting People's Livelihoods

On the 11th, 'Janggeumi Expansion Report Meeting' Held
Appointment of Financial Security Officers Including Merchant Association and Youth Mall Merchant Association Presidents

Cooperation between traditional markets and financial companies continues to prevent financial crimes affecting people's livelihoods and promote mutually beneficial finance.

In September last year, BNK Gyeongnam Bank held the Janggeumi Mobile Store event at Jinju Jungang Market.
[Photo by BNK Gyeongnam Bank]

The Ministry of SMEs and Startups announced on the 11th that it held the 'Traditional Market-Financial Company Partnership (Janggeum-i) Expansion Reporting Conference' together with the Financial Supervisory Service. The two organizations reviewed the achievements of the Janggeum-i activities so far. Janggeum-i is a word combining 'Jang' from traditional market and 'Geum' from financial institution, meaning 'healing difficulties through finance.' It is a system that connects traditional markets and financial institutions by preventing financial fraud damages in traditional markets and providing customized financial counseling desks.

The Ministry of SMEs and Startups and the Financial Supervisory Service signed an agreement in April last year to promote the Janggeum-i partnership. So far, 42 traditional markets and 10 banks have conducted damage prevention publicity and education through traditional market tours and street campaigns. In addition, through Janggeum-i counseling desks within the branches of partnered financial companies, a total of 240 million KRW (11 cases) of financial fraud damages were prevented.

Starting this year, the Ministry of SMEs and Startups and the Financial Supervisory Service plan to expand the solidarity and cooperation between traditional markets and financial markets nationwide, focusing on revitalizing traditional markets through prevention of various financial crime damages to traditional markets, small business owners, and visiting customers, as well as supporting mutually beneficial finance.

First, the one-to-one partnership between traditional markets and financial company branches will be transformed into an integrated cooperation system between nationwide traditional markets and financial companies. To this end, the National Federation of Merchants, the Small Enterprise and Market Service, and the Korea Federation of Banks will sign a tripartite agreement containing detailed cooperation plans to expand solidarity and cooperation between traditional markets and financial companies.

Presidents of traditional market merchant associations and youth mall merchant associations will be appointed as Financial Security Officers to promote market-linked damage prevention activities. At this expansion reporting conference, three Financial Security Officers were appointed as representatives. Subsequently, market merchants nationwide recommended by the National Federation of Merchants president will be appointed as Financial Security Officers.

The Small Enterprise and Market Service will establish new online and offline training courses related to illegal private loans, voice phishing, and insurance fraud. Small business owners in traditional markets who complete the training courses will receive support such as interest rate discounts on bank business loans and policy fund loans, and free voice phishing insurance enrollment.

In addition, financial companies will provide credit card terminals, table order kiosks, digital signboards, and other equipment free of charge to traditional market merchants to improve customer accessibility. To raise awareness and promote sales of Onnuri gift certificates, mobile Onnuri gift certificate sales and payment functions will be installed in financial companies' applications.

Oh Young-joo, Minister of SMEs and Startups, said, "It is the government's role to help traditional markets and small business owners gain self-sustainability, and the government will do its best in that role," adding, "I hope the cooperation between traditional markets and financial institutions becomes a role model for mutual development and support for people's livelihoods."

Lee Bok-hyun, Governor of the Financial Supervisory Service, said, "Just as Janggeum, a female physician in the Joseon Dynasty, healed the sick people, I hope the Janggeum-i partnership firmly establishes itself as a modern-day Janggeum that heals various difficulties of small business owners and local residents."

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