Banking groups unveil $48.3 bil. inclusive finance initiative

The country's top banking groups will implement 70 trillion won ($48.3 billion) worth of so-called inclusive finance schemes for the underprivileged, small merchants and those facing finance access difficulties, officials said Thursday. According to the Financial Services Commission (FSC), the five banking groups — KB, Shinhan, Hana, Woori, and Nonghyup — will launch their inclusive finance programs over the next five years. KB Financial Group plans to provide 17 trillion won worth of inclusive finances by 2030, which breaks down to 10.5 trillion won for the underprivileged and 6.5 trillion won for the self-employed. KB will also support those who want to refinance their high-interest loans at lower rates and support financial weak borrowers. Hana Financial Group will implement 16 trillion won worth of similar schemes over the next five years, followed by Nonghyup Financial Group with 15 trillion won, Shinhan Financial Group with 14.5 trillion won and Woori Financial Group with 7 trillion won, according to the FSC.Weiter zum vollständigen Artikel bei Korea Times Weiter zum vollständigen Artikel bei Korea Times