Chairman Cho Yong-byoung holds the Hope Society Project cardboard along with the heads of a number of the group’s key affiliates including President Wi Sung-ho of Shinhan Bank, 2nd R, Shinhan Card President Lim Young-jin, and Shinhan Life Insurance President Lee Byung-chan, at a gathering on Dec. 12, 2017, to push the project.

Shinhan Financial Group will set up a 3 trillion won fund to develop and support the financial ecological structure and reformed growth as part of the Hope Society Project pushed jointly by its affiliates including Shinhan Bank, and all of its other affiliates including financial investment affiliates since last year, the group said recently.

The group said it will go for the fund with the GIB sector as the center for the creation thru its startup venture fund as large as 300 billion won every year in the next three years. Chairman Cho personally directed the creation of the sector thru a strategy geared to strengthen the group’s global investment.

The sector already set up a 100 billion won of No. 1 Shinhan BNP Startup Venture Fund this year with the group’s key affiliates chipping in including Shinhan Bank, Shinhan Capital and Shinhan Financial Investment.

The group will contribute 200 billion won in funds with 100 billion won in next year and another 100 billion won in 2020 to create 1 trillion won in fund every year in the next three years thru the selection of subordinate funds and public subscriptions.

The fund will lbe invested in such key areas the technologies related to the 4th Industrial Revolution, bio, healthcare, among more than 800 venture startups.

The GIB sector of the group has already looking for startups and venture firms for investments from early this year thru its startup and venture firm related sub-units with the platform set up early in the year for providing support to startups and the capital market for growth.

Officials said the group has been leading the work to create social values and vitalizing productive finance so that it will be the core role player for the creation of the reform startup ecological structure.

The group has also decided to go for the creation of a growth support fund totaling 279 billion won from 2018 until 2020 as part of the Hope Social Project.

Early this year, the group also decided to set up Chodung Common Children Fostering Sharing Lot in 150 different locations around the country at the cost of 9.5 billion won. in the next three years.

The financial group also decided to give 1.5 billion won and 6 billion won in support of the women looking for jobs and the households in poor financial conditions in addition to 1.6 billion won given to help the young men to find jobs overseas.

 The group agreed with SK Group to create a fund of 20 billion won to be provided to the socially minded business firms in what is called “Warm Finance” intended to spur the social finance by exclusively lending them to the business firms with fully responsive to CSR programs.

Chairman Chey Tae-won of SK Group (right) and Chairman Cho Yong-byoung of Shinhan Financial Group are all smiles holding the agreement they signed to create the 20 billion won civilian fund to vitalize the financial ecology of socially dedicated business firms. (Photos: Shinhan Financial Group)