Restaurant Prepayment... Financial Sector Joining the 'Good Consumption Movement'

by Kwon Haeyoung

Published 26 Apr.2020 11:34(KST)

Restaurant Prepayment... Financial Sector Joining the 'Good Consumption Movement'

[Asia Economy Reporter Haeyoung Kwon] The financial sector is increasingly participating in the 'Good Prepayment National Campaign' to help small business owners and self-employed individuals struggling due to the spread of the novel coronavirus disease (COVID-19).

According to the financial sector on the 26th, Shinhan Bank plans to autonomously prepay 1.5 billion KRW in related expenses that have been postponed due to meetings and workshops being held online amid COVID-19, to small business owners and self-employed individuals near its headquarters and branches nationwide who are facing difficulties. This is to join the government-led Good Prepayment National Campaign, which encourages prepayment at frequently visited restaurants, local neighborhood stores, cafes, etc., with a promise to revisit.

A Shinhan Bank official said, "The prepaid amount will be used after COVID-19 subsides and social distancing measures are eased. Employees also plan to participate in the campaign by using and prepaying at restaurants near the headquarters and branches," adding, "We hope that participating in the Good Prepayment National Campaign will provide even a little help to small business owners struggling due to COVID-19."

KB Financial Group has launched a good consumption movement through the Group Emergency Management Committee chaired by Chairman Yoon Jong-kyu. Previously, KB Financial Group and its affiliates including KB Kookmin Bank, KB Securities, KB Insurance, and KB Kookmin Card conducted prepayments worth a total of 300 million KRW at restaurants near their workplaces such as Yeouido, Seoul. Employees are also voluntarily participating in the good consumer movement by using and prepaying at nearby restaurants. A KB Financial Group official stated, "We hope this small help and support will aid small business owners who are facing difficulties due to a temporary sharp decline in sales."

Woori Financial Group also prepaid a total of 100 million KRW in food expenses at about 100 restaurants near its headquarters that are struggling due to COVID-19.

Son Tae-seung, Chairman of Woori Financial Group, said, "Small business owners near the headquarters, such as in Namdaemun Market and Myeongdong, are also facing great difficulties due to a sharp drop in sales," urging participation in the good consumption movement through group-level restaurant prepayments.