Hana Financial Group decided to provide 1.7 trillion won in the coming three years to support productive finance and low-income people in line with the government policies to boost productive and inclusive financial support.
The financial group eyes at easing the financial constraints for the financially-isolated class of people and at the same time financial burdens with the 1.7 trillion won in funds set aside for these purposes. The allocated fund with 1.5 trillion won set aside already last month to help small businesses and other business firms to create jobs and 15 trillion won allocated for productive finance, will bring total funds to be disbursed by 2020 to around 18 trillion won.
KEB Hana Bank said its financial products for the financially-deprived people, the Seeds for Hope, the Seed Pebbles with Mid-level Interest Rates, the Sun-lite Loan for College Students/Youths and the Safety Net Loans will total around 1.7 trillion won until 2020 when those loans are provided 60 billion won annually until the target year.
The bank has been introducing diverse loans aimed at supporting the low-income families to secure the residential stability.
Hana Financial Group has launched an ambitious global initiative to create a shared-loyalty platform that is built on blockchain technology.
The group’s deputy president Han Jun-Seong explains that the Global Loyalty Network is a “one-stop program” for all virtual currencies, on a single platform with global usability. Hana Financial set up an independent subsidiary called GLN International to market and sign up global partners and members, primarily in 25 countries across North America, Europe and Asia Banks can join GLN as direct partners, through a joint-venture with other banks in their local market or as an equity investor in GLN International.
To leverage its global presence and digital leadership, Hana Financial Group recently launched the Global Loyalty Network initiative, which it described as “a cross-border platform that allows the use and exchange of virtual currencies by connecting various loyalty programs in each country with a wide network of global partnership platforms.”
The program seeks to create a global alliance with leading financial institutions, retailers, and loyalty program providers. It will share service resources provided by each partner in its local market and allow customers who spend overseas through the network to access personalized coupons and reward points (in the form of virtual currencies) which can be earned and redeemed, swapped, topped up and even transferred or gifted to others. The global network will be connected by blockchain technology. Han explained that this will be more cost effective and secure than conventional technology.
The functions of GLN, which are accessible through a mobile app, include online and offline payments, global remittances, a coupon mall, and the ability to swap and exchange various virtual currencies available within the network.
A view of Hana Financial Group headquarters, downtown Seoul.
