Dunamu Launches 'Next Dream' to Support Youth Credit Recovery

Implementation of the Second Year Project

Dunamu, the operator of the virtual asset exchange Upbit, announced on the 4th that it will carry out the second year of the ‘Dunamu Next Dream’ project to help young people in credit crises recover their credit.

Next Dream is one of Dunamu’s Environmental, Social, and Governance (ESG) projects under the ‘Dunamu Next’ series, conducted in collaboration with the Credit Recovery Committee and the Social Solidarity Bank (Together Making the World). This is part of the social return plan for Luna transaction fees announced in September 2022.

Next Dream consists of practical programs aimed at realizing the independence of young people and resolving welfare blind spots. It helps prevent high-interest loans and bankruptcy through early proactive living expense support during debt adjustment, and professional financial consultants provide continuous counseling and care to establish sound economic habits and future planning.

Through the first year of the project conducted in 2023, over 300 young people were assisted. The debt adjustment maintenance rate of participants reached 90%, and individuals’ debt burdens improved. The average monthly repayment amount decreased by about 1.6 million KRW, from approximately 2 million KRW to about 400,000 KRW, and the average number of delinquency experiences also dropped from 1.89 to 0.69.

Dunamu is expanding the second year of the Next Dream project to the next level. The area, previously limited to the metropolitan area, has been expanded nationwide, and the support target now includes young people aged 19 to under 39 whose personal rehabilitation has been confirmed, in addition to debt adjustment. To prevent giving up due to lack of understanding of financial economics and the vicious cycle of loans, efforts will also be strengthened in the financial consulting part.

The second chapter of Next Dream will begin in mid-November. Approximately 700 people applied during the participant recruitment held over August and September, and 300 will be finally selected through interviews in early November. The financial consultants who will be companions for young people consist of a total of 29 members.

Im Juhwan, a financial consultant who served as the director of the Bank of Korea until 2012 and is participating in this Next Dream, said, “We will provide information on debt adjustment and safe and proper investment to help young people make wise decisions.” Han Duseop, a financial consultant and former branch manager of SC First Bank, also said, “We plan to find and advise on methods such as long-term small investments that allow young people to form assets while faithfully proceeding with debt adjustment.”

Lee Seokwoo, CEO of Dunamu, said, “With the worsening employment and economic difficulties and the daily surge in delinquency rates among young people, youth debt is no longer a social issue that can be overlooked,” adding, “Dunamu will continue to be a strong support for young people who will be the future of Korea, deeply empathizing with their concerns and sparing no support.”

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