Woori Financial Group is expanding financial support for young people and middle-to-low credit borrowers. It is increasing the supply of policy loans and rolling out a new inclusive finance platform and a loan refinancing product, moving faster to address blind spots in financial services.

Woori Financial said on May 18 it held the May Advanced Strategic Industry Finance Council at its headquarters in Jung-gu, Seoul, on May 15 and reviewed key results in inclusive finance and future tasks. The meeting focused discussions on ways to expand financial support for young people and middle-to-low credit borrowers.

Woori Bank supplied 218.6 billion won in Saehopeum Holssi loans in the first quarter of this year. That is the highest level among commercial banks. Its annual supply last year was also 736.7 billion won, winning an award from the head of the Financial Supervisory Service.

After introducing a cap on personal credit loan rates at 7 percent per year, it provided about 1.0 billion won in total interest reductions to about 40,000 people as of end-April. In March it also suspended collection activities for holders of small, long-overdue special claims and implemented interest waivers worth 32.2 billion won.

The 'WooriWON Dream Living Expenses Loan' launched in March supports emergency living funds for financially vulnerable groups such as young people, freelancers and homemakers. Since launch, it has supplied 13.2 billion won to about 2,000 people.

Woori Financial Savings Bank supplied 221.9 billion won in policy loans such as Haetsal Loan through April this year, and its Saitdol loans recorded the biggest performance among savings banks.

◆ Loan-switching product and inclusive finance platform to launch this month

Woori Financial plans to launch the 'WooriWON Dream Loan Switching Loan' and the group-wide inclusive finance platform '36.5°' at the end of this month.

The loan-switching product is designed to help customers using loans from card firms, capital companies and savings banks switch to lower-rate bank loans. The maximum rate is 7 percent per year, and it operates with installment repayment for up to 10 years.

The inclusive finance platform '36.5°' is an integrated service that allows users to compare and view inclusive finance products from group affiliates on one screen and subscribe to them.

The Woori Miso Microfinance Foundation will establish new regional hubs in places such as Jeonju and Cheongju, and relocate its Seoul Euljiro branch to Changsin-dong to strengthen on-the-ground support. It plans to expand microfinance supply to 20.0 billion won per year within the next three years.

In June it will also 추진 a 'Saehopeum Store' project to support 100 young microbusiness owners who started businesses such as food trucks and street stalls with business supplies and utility bills.

Woori Financial Chairman Lim Jong-ryong (임종룡) said financial support for young people and middle-to-low credit borrowers should be pursued as a financial safety net to resolve blind spots in financial services and protect the socially vulnerable. He added active guidance is needed so the support can be used more widely in the field, and urged each affiliate to maintain sustained interest.