Woori Financial Group Strengthens 'Tangible Financial Safety Net' for Youth and Low-to-Moderate Credit Borrowers

Saehimang Holssi Loan Supplies Reach 218.6 Billion Won in Q1
Switch Loan and Inclusive Finance Platform to Launch at End of May

Woori Financial Group is expanding its inclusive financial support for youth and low-to-moderate credit borrowers. The group plans to increase the supply of financial products for low-income individuals, introduce new products that allow affiliate loan customers to switch to bank loans, and launch an integrated inclusive finance platform, all aimed at addressing gaps in financial access.

Woori Financial Group held the 'May Advanced Strategic Industry Finance Council' on the 15th, chaired by Chairman Lim Jong-ryong (third from the right in the back row). In this May council meeting, the main focus was on discussing measures to expand financial support centered on youth and low-to-moderate credit borrowers. Provided by Woori Financial Group.

On May 15, Woori Financial Group announced that it held the 'May Advanced Strategic Industry Finance Council' at its headquarters in Jung-gu, Seoul, chaired by Chairman Lim Jong-ryong and attended by 19 participants, including the CEOs of its subsidiaries and division heads. The council reviewed key achievements in inclusive finance and discussed future action plans. Since formalizing productive and inclusive finance as the group's core mid- to long-term strategies through its 'Future Co-Growth Project' last September, Woori Financial Group has convened monthly council meetings chaired by the chairman to monitor progress. At this month's meeting, the main focus was on discussing measures to expand financial support centered on youth and low-to-moderate credit borrowers.

Woori Bank is expanding the supply of 'Saehimang Holssi Loan', a flagship product for inclusive finance. In the first quarter of this year, the cumulative supply reached 218.6 billion won, the highest among domestic banks. The annual interest rate cap of 7% on personal credit loans has also helped reduce financial burdens for borrowers. Since the implementation of this policy in January, Woori Bank has reduced interest payments by about 1 billion won for approximately 40,000 customers by the end of April. In March, the bank also halted collection activities for holders of special small-amount overdue bonds with balances under 10 million won that had been in arrears for more than six years, and exempted 32.2 billion won in interest.

The group also supplies products for financially vulnerable groups who have difficulty verifying income. Since its launch at the end of March, the 'WooriWON Dream Living Expense Loan', which provides emergency living funds to youth, freelancers, and homemakers, has supplied 13.2 billion won to about 2,000 people. Woori Financial Group plans to strengthen guidance at sales sites to ensure these products serve as an emergency funding channel for customers who face barriers accessing traditional financial institutions.

Woori Financial Savings Bank is also increasing its supply of inclusive finance products. As of April this year, it has provided 221.9 billion won in loans for low-income individuals, such as the 'Sunshine Loan', and recorded the highest performance in the savings bank sector for the 'Saitdol Loan' in the first quarter. The acceptance rate for interest rate reduction requests last year was 50.7%, the highest among financial holding group-affiliated savings banks. The supply of mid-interest rate loans for low-to-moderate credit borrowers is also expanding. Through its affiliates—bank, card, capital, and savings bank—Woori Financial Group provided 514.8 billion won in mid-interest rate loans up to April this year. The group plans to continue strengthening financial support for low-to-moderate credit borrowers by leveraging products and channels across its affiliates.

At the end of this month, Woori Financial Group will simultaneously launch the 'WooriWON Dream Switch Loan' and the group’s integrated inclusive finance platform '36.5°'. The 'WooriWON Dream Switch Loan' is a group-wide product designed to allow low-to-moderate credit customers who have used loans from the group’s card, capital, or savings bank affiliates to switch to lower interest rate bank loans. The maximum interest rate is set at 7% per year, and repayment can be made in installments for up to 10 years. A key feature is that the product utilizes an alternative credit evaluation model, making it accessible to freelancers and homemakers who may have difficulty proving income. '36.5°' is a one-stop portal that brings together all inclusive finance products offered by Woori Financial Group affiliates, enabling customers to check their integrated borrowing limits, compare products, and complete applications on a single screen.

Lim Jong-ryong, Chairman of Woori Financial Group, stated, "Young people are the core generation who will lead our future, and we must continue to provide practical financial support so they do not lose hope," adding, "Financial support for low-to-moderate credit borrowers should also be pursued as part of a financial safety net to address gaps in financial access and protect the socially vulnerable."

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