Kiwoom Securities, Mirae Asset Capital, and 4 Other Companies Selected as Excellent Institutions for FSC's Win-Win Cooperation New Products

Win-Win Cooperation Financial New Products for Young Adults Starting Their Careers Selected as Excellent Cases
NongHyup, Mirae Asset Life, and KB Kookmin Bank Received FSS Governor’s Award as Outstanding Institutions Last Year

Six financial institutions, including Kiwoom Securities and Mirae Asset Capital, developed new financial products supporting low-income earners through win-win cooperation, which were selected as excellent products by the Financial Supervisory Service (FSS). They were recognized for their contribution to spreading a culture of mutual growth by launching products supporting young adults starting their careers. The excellent institutions for 2024 were selected as NongHyup Central Association, Mirae Asset Life Insurance, and KB Kookmin Bank.

Yonhap News

The FSS announced that it selected six financial products submitted to the 5th Win-Win Cooperation Financial New Product Excellence Contest as excellent cases and held an awards ceremony on the 22nd. Last year, the FSS also awarded the heads of financial companies that developed excellent products.

The financial companies selected as excellent institutions in the 5th contest were Shinhan Bank, KB Kookmin Bank, Kiwoom Securities, Hanwha General Insurance, Samsung Fire & Marine Insurance, and Mirae Asset Capital. The FSS emphasized the significance of securities and capital companies being included for the first time among the 18 companies and 34 products submitted in the 5th contest. This indicates that various financial sectors empathize with the purpose of developing win-win cooperation financial products and actively participate in the win-win field.

Kiwoom Securities introduced a derivative-linked bond (ELB) called 'Social Newcomer Exclusive ELB,' offering a 5% yield to newlyweds within seven years of marriage, youth under 29 years old, and active-duty soldiers. This product offers a yield 1 percentage point higher than similar products from the company. Mirae Asset Capital launched 'Our Home Safety Plan,' which provides free insurance that repays overdue interest and outstanding debt balances if customers with rental housing lease deposit collateral loans die or suffer disabilities exceeding 80%.

Shinhan Bank introduced the 'Shinhan Youth Financial Support Package' to assist young people with student loan repayment support. KB Kookmin Bank launched the 'KB I Love Kids Savings,' a savings product applying up to 10% annual interest rates for pregnancy, child-rearing, and socially vulnerable groups. Hanwha General Insurance released the 'Hanwha Signature Women’s Health Insurance Pregnancy and Childbirth Related Special Contracts (3 types),' a pregnancy and childbirth support product that provides childbirth support payments up to three times. Samsung Fire & Marine Insurance created the 'Insurance Contract Change Settlement Amount Installment Payment System,' which extends the installment payment period when additional payment settlement amounts occur due to changes such as the insured changing jobs.

Lee Bok-hyun, Governor of the FSS, evaluated, "This contest saw the first participation of capital and securities companies and received the largest number of financial products among the five contests, confirming the financial sector’s high interest in win-win finance and livelihood support."

Among last year’s award-winning products, in the mutual finance sector, NongHyup Central Association’s 'New Start Happiness Rural Win-Win Loan' was selected. In insurance, Mirae Asset Life’s 'Livelihood Stability Insurance Premium Payment Grace Special Contract' was chosen. In banking, KB Kookmin Bank’s 'KB Small Business Support Program' received the honor.

Governor Lee said, "Despite difficult economic conditions over the past year, I express my gratitude and congratulations to the three excellent institutions that took the lead in win-win cooperation."

The FSS plans to post the names of excellent companies and product names on the FSS website and the Financial Consumer Information Portal Fine for one year. Excellent financial companies can use the selection results for financial product promotion.

An FSS official stated, "We plan to continuously select and announce financial products that provide practical help to financial consumers," adding, "We will actively support financial companies in launching win-win cooperation financial new products by providing various incentives such as awards for selected companies and posting on the financial information consumer portal."

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