A comprehensive support centre will be set up in Gangwon to allow low-income and vulnerable residents to access policy inclusive finance, debt restructuring, employment and welfare services, and private financial counselling in one place.

The Financial Services Commission said on Thursday it signed a business agreement with Gangwon Special Self-Governing Province, the Korea Inclusive Finance Agency, the Credit Recovery Committee and Shinhan Bank at Shinhan Bank's headquarters to strengthen locally tailored comprehensive support.

Under the agreement, a "Gangwon comprehensive support centre for inclusive finance" will be set up to provide the government's comprehensive support framework and private financial services in a single location. The centre will include the Korea Inclusive Finance Agency, the Credit Recovery Committee and private financial firms, and is set to provide one-stop services including policy inclusive finance, debt restructuring, employment and welfare links and financial counselling.

The parties will also pursue Gangwon-specific financial products linked to Shinhan Bank. They plan to develop savings and loan products offering preferential interest rates for users of the comprehensive support programme to support vulnerable groups' use of mainstream finance and asset building.

They will also expand "on-site comprehensive support" for residents who have difficulty visiting the centre, providing inclusive finance as well as employment and welfare counselling by going directly to communities. Training between counsellors at inclusive finance integrated support centres and administrative welfare centres, and promotion of local policies, will also be pursued.

The commission said 52 inclusive finance integrated support centres nationwide currently link financial, employment and welfare services. Gangwon currently operates 4 centres. The commission said Gangwon's area is about 30 times that of Seoul, but the number of people linked to comprehensive support is about 10 percent of Seoul's level, and it explained there is a need to address gaps in accessibility by region.

The locally tailored comprehensive support agreement is the fourth, following those in Busan, Gwangju and North Jeolla Province. The commission plans to expand locally tailored comprehensive support nationwide in the future based on the model extended to Gangwon.

Shinhan Bank CEO Sang-hyuk Jeong (정상혁) said the bank joined Gangwon's comprehensive support effort to link employment and welfare as well as financial support. He said it will improve financial access for Gangwon residents and support the economic self-reliance of vulnerable groups.