The Industrial Bank of Korea (IBK) announced on June 23 that it successfully held a non-face-to-face meeting with Saudi SME Bank on June 21.
The meeting was held at the request of Saudi SME Bank President Mazin Al Ghunaim in March of this year.
IBK President Yoon in Seoul, Korea had a meeting with Saudi SME Bank President Al Ghunaim in Riyadh of Saudi Arabia by way of a non-face-to-face video conferencing system.
Since his inauguration, CEO Yoon has picked up efforts for the global expansion of SME finance know-how as one of the major initiatives of innovative finance, expressing his will to publicize the IBK’s unique SME finance expertise abroad.
Accordingly, the IBK has been supporting the establishment of Saudi SME Bank by forming a dedicated team within the bank since February last year.
This year, an employee in charge of the project was dispatched to Saudi Arabia to support the establishment of business processes and regulations on the establishment of a credit system, and give advice on product development.
“I would like to express my gratitude to the IBK which has been a great help in the establishment of Saudi SME Bank,” SME Bank President Al Ghunaim said during the meeting.
“I hope for continued cooperation between the two banks such as exchanges of human resources even after the establishment of Saudi SME Bank,”
“We will spare no efforts to contribute not only to the successful establishment of Saudi SME Bank but to the development of SME finance in Saudi Arabia,” Yoon said.
IBK Changgong for Second Half of 2022
The IBK announced on July 11 that it finally selected startups for the IBK Changgong Program for the second half of this year and will start a five-month startup incubation program for them.
About 700 startups had applied for the startup support program. The final 69 companies were selected.
Various companies with promising technology and strong marketability were finally selected, such as companies in biodegradable plastic manufacturing, energy management efficiency improvements and biotech.
There were also health companies that develop treatments and solutions for various diseases.
IBK Changgong provides customized programs for each company. One-on-one mentoring is offered to achieve efficient corporate performance after startup evaluations by experts.
In addition, the IBK plans to provide not only support for attracting investment and giving loans but also various non-financial supports such as demonstration days, IR events, office space, market development, and public relations.
In particular, the IBK plans to actively provide networking opportunities for investment connections through venture capital firms, collaboration, market development and exchanges among companies which received support from IBK Changgong.
Green Classification System
The IBK announced on July 15 that it signed an action agreement with the Ministry of Environment to spread the green classification system.
The Korean-style green classification system was developed at the end of last year to provide standards on green economy activities and to support an inflow of large amounts of funds.
The IBK participated in a pilot project to apply the green classification system, and is striving to expand the application of the green classification system to the financial system and expedite the growth of the green finance market.
The IBK declared a phase-out of coal financing and joined the Equator Principles in 2022. In addition, it launched specialized financial products to support SMEs’ green transitions.
IBK President Yoon has emphasized policy financial institutions’ roles to make green transitions at various meetings.
“The Korean green classification system is like a milestone for a transition to a green society,” an IBK official said.
“We will actively cooperate with the Ministry of Environment so that the green classification system will be well established in the financial field and even in the Korean economy.
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