Woori Financial Group supplied 25.3 trillion won in productive finance through August this year, reaching 116.3 percent of its annual target. Having surpassed its annual goal early, it plans to expand funding and investment going forward, focusing on regional areas and small and mid-sized enterprises.

Woori Financial said on Sept. 17 that it held a "September Advanced Strategic Industry Finance Council" meeting at its headquarters in Jung-gu, Seoul, on Sept. 16, chaired by Chairman Yim Jong-yong (임종룡). It said it reviewed the status of efforts to promote productive and inclusive finance and its plans going forward.

As of the end of August, the amount of productive finance supplied totalled 25.3 trillion won, including 1.5 trillion won in investment and 23.8 trillion won in loans. The figure corresponds to 35.7 percent of the five-year target for the productive finance segment of the "Future Shared Growth Project" and 116.3 percent of this year's target.

In the investment segment, it will expand participation in the National Growth Fund and increase the supply of venture capital. The 220 billion won "CJ 4D Flex Project Fund" identified by Woori Bank received approval last month from the National Growth Fund's fund management deliberation committee. As the first approval case through the Financial Services Commission's consultative body for discovering growth companies, Woori Bank participated in steps including identifying the company, matching it with a fund manager and designing investment terms.

In October, the National Growth Fund will invest 50 billion won, and Woori Financial will participate with 65 billion won, as it moves to form the fund and execute investments.

Woori Investment Securities supplied 365.1 billion won in venture capital through August. Based on this, Woori Financial plans to expand investment targeting advanced strategic industries and innovative and growth companies.

It is also applying AI transformation (AX) to productive finance operations. Of 75 related AX tasks, it completed development of 13, focusing on credit review and risk management, and support for corporate sales.

In the inclusive finance segment, it supplied a total of 2.2 trillion won through August. This included 950 billion won in financing for low-income people, 790 billion won in mid-rate loans, and 430 billion won in loans for small business owners.

Through Woori Bank's "annual 7 percent interest rate cap for personal credit loans," it provided interest reduction benefits totalling 300 million won to about 75,000 people as of the end of August. Over the same period, the "WooriWON Dream Living Expense Loan," targeting freelancers, homemakers and non-wage workers, supplied 55.5 billion won to 7,200 people.

It is also expanding the write-off of long-overdue debt. Woori Bank wrote off 42.4 billion won in long-overdue debt in the first half and plans to write off an additional 120 billion won by the end of September. Woori Card will also write off about 120 billion won, and the group overall is pursuing debt write-offs totalling 280 billion won.

The Woori Smile Microfinance Foundation supplied 10.2 billion won to 1,303 people through August this year.

Yim said, "We need to further broaden the scope of productive finance support to regional areas and small and mid-sized companies with technological capabilities." He added, "Please push ahead with inclusive finance with a sense of speed so that necessary funds can be supplied in a timely manner to customers facing economic hardship."