Financial companies in South Korea are stepping up social contribution activities ahead of the Chuseok holiday, ranging from purchases to support traditional markets to aid for vulnerable groups and employee-led volunteering. The Financial Supervisory Service joined four firms and the Salvation Army for a market event in Seoul. Major banks and financial groups ran nationwide programs delivering goods and vouchers to welfare facilities, low-income households, seniors living alone, multicultural families and patients.

Shinhan Financial Group will work with financial authorities and the National Police Agency to prevent “no-show” scams targeting small merchants. Shinhan Bank will provide free insurance to about 150,000 merchants on its delivery app Ttanggyo-yo, offering support of up to 3 million won if losses occur. A month-long joint campaign will run from Sept. 14 with the Financial Services Commission, Financial Supervisory Service and police, alongside prevention guidance and publicity to improve transaction practices.