'Prevention of Financial Crimes and Win-Win Finance' Expansion of Partnerships Between Traditional Markets and Financial Companies

Ministry of SMEs and Startups-FSS Announce Expansion Plan for 'Janggeumi' Activities to Promote Solidarity and Cooperation
Jeon Sang-yeon, SBC, and Bank Association Sign Business Agreement

Citizens are shopping at Cheongnyangni General Market in Dongdaemun-gu, Seoul, one week before Chuseok, the biggest traditional holiday of the nation. Photo by Jinhyung Kang aymsdream@

The Financial Supervisory Service and the Ministry of SMEs and Startups announced on the 11th that they held the traditional market-financial company partnership (Janggeumi) expansion reporting conference, ‘Janggeumi ?&溫’.

On this day, the two organizations reviewed the achievements of the Janggeumi activities so far and announced plans to expand the traditional market-financial company partnerships to promote solidarity and cooperation between traditional markets and financial institutions.

In April last year, the Ministry of SMEs and Startups and the Financial Supervisory Service signed an agreement to promote the Janggeumi partnership to prevent financial fraud targeting small merchants in traditional markets and to support win-win finance. So far, 42 traditional markets and 10 banks have formed partnerships, conducting fraud prevention publicity and education through market visits and street campaigns. Additionally, through Janggeumi consultation desks at partner financial company branches, a total of 240 million KRW (11 cases) of financial fraud damage was prevented, and specialized financial products for small merchants such as loans, savings deposits, and cards were provided.

Starting this year, the Ministry of SMEs and Startups and the Financial Supervisory Service agreed to focus on revitalizing traditional markets by expanding solidarity and cooperation between traditional markets and financial markets nationwide, and by preventing various financial crimes targeting traditional markets, small merchants, and visiting customers, as well as supporting win-win 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 fraud prevention activities. At this expansion reporting conference, three Financial Security Officers were appointed as representatives, and thereafter, market merchants recommended by the National Federation of Merchants will be appointed as Financial Security Officers nationwide. After completing financial education, Financial Security Officers will serve as the core in preventing financial crimes that infringe on people’s livelihoods and in promotional activities.

Furthermore, the Small Enterprise and Market Service will establish new online and offline educational courses related to illegal private financing, voice phishing, and insurance fraud. Small merchants in traditional markets who complete these courses will receive support such as interest rate discounts on bank business loans and policy fund loans, and free voice phishing insurance enrollment. A tentative ‘Janggeumi Day’ will be designated to conduct promotional activities such as street campaigns in cooperation with the partnered market merchant associations and regional headquarters of financial companies.

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

Oh Young-joo, Minister of SMEs and Startups, said, “The agreement among the National Federation of Merchants, the Small Enterprise and Market Service, and the Korea Federation of Banks is a catalyst role played by the Ministry of SMEs and Startups and the Financial Supervisory Service to improve the financial environment of traditional markets,” adding, “I hope the cooperation between traditional markets and financial institutions will become a role model for win-win development and support for people’s livelihoods.”

Lee Bok-hyun, Governor of the Financial Supervisory Service, said, “Just as Janggeumi, the royal physician in the Joseon Dynasty, healed the sick people, I hope the Janggeumi partnership will firmly establish itself as a modern-day Janggeumi that heals the various difficulties of small merchants and local residents,” and added, “The Financial Supervisory Service will also join forces with all related organizations to prevent financial crime damage and support win-win finance.”

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