Shinhan Financial Group will provide a total of 6 billion won over the next 3 years to boost the social solidarity economy. It plans to work with the Ministry of the Interior and Safety to expand a local circular economy model centered on Ansim Village in Daegu.

Shinhan Financial said on Tuesday it signed a business agreement with the Interior and Safety Ministry at Ansim Village in Dong-gu, Daegu, to promote the social solidarity economy.

Daegu's Ansim Village, where the signing ceremony was held, began in 2008 when residents formed a cooperative with the goal of integrated care for people with and without disabilities. It now has a solidarity network of more than 20 social economy enterprises and civic groups.

The ministry selected Ansim Village as a project site under the "local circular economy build-up" category, one of six types of innovation models. It is pushing a Daegu-style local circular economy model linking energy, public procurement, social solidarity finance and local communities.

Shinhan Financial will invest 6 billion won in total, putting in 2 billion won each year for 3 years starting this year through the Shinhan Financial Hope Foundation.

The support expands into the social solidarity economy field an agreement Shinhan Financial signed with the Interior and Safety Ministry in 2023 on revitalising regions through local branding at the living-area unit.

The support programme will be carried out for social solidarity economy organisations and companies. Key areas include improving energy efficiency by replacing high-efficiency energy devices, supporting business development and new job creation by social solidarity economy organisations, and projects to solve community problems based on public-private cooperation.

A Shinhan Financial official said, "For the social solidarity economy to grow, where residents themselves create needed local services such as care and energy, private-sector participation is essential along with the government's institutional support." The official added, "Shinhan Financial will cooperate with the Interior and Safety Ministry so that regions can build a foundation for development."