KB Financial Group signed a memorandum of understanding (MOU) on sustainability linked loans (SLLs) and ESG management for SMEs with the Korea Chamber of Commerce and Industry at KCCI Building in Jung-gu, Seoul, on March 16. Present were Woo Tae-hee, vice chairman of the Korea Chamber of Commerce and Industry and Yang Jong-hee, vice chairman of KB Financial Group Vice Chairman.
SLLs allow SMEs to set their own ESG goals and evaluation standards and receive benefits such as interest rate discounts if they faithfully implement them. Small businesses can enjoy the effects of strengthening and reducing financial costs by using SLLs.
KB Kookmin Bank plans to launch the KB Green Wave ESG Excellent Corporate Loan, an SLL-type product, which provides preferential interest rates of up to 1.0 percent to SMEs based on a business agreement signed on the day in April. The loan will raise a total of 500 billion won for small and medium-sized enterprises (SMEs).
In addition, KB Financial Group will continue to strengthen cooperation with the Korea Chamber of Commerce and Industry for SMEs’ sustainable management, such as ESG education and consulting support, support for the spread of ESG management by local SMEs, and the sharing of ESG policies and information such as carbon neutrality.
“Based on this business agreement, KB Financial Group plans to prepare a wide range of support measures to help SMEs strengthen their ESG competitiveness,” a KB Finance Group official said. “We will try to exert a good influence on our society and fulfill responsibilities as a leading ESG management implementing company.”
Meanwhile, KB Financial Group plans to provide various customized support along with support for SMEs’ ESG management. A total of 60 billion won will be provided for small business owners and self-employed persons for three years.
KB Kookmin Bank, a major affiliate of KB Financial Group, will operate an interest rate reduction program that cuts up to two percentage points of an interest rate.
Meanwhile, KB Financial Group held the KB Starters Day at the Korea International Trade Association’s Startup Branch at COEX in Samseong-dong, Seoul on March 13, with the participation of the KB Starters, startups selected and fostered by KB Financial Group and internal and external support and cooperation organizations, to strengthen collaboration through mutual partnerships and the creation of networks.
KB Starters Day was held with the attendance of about 160 employees from 44 KB Starters, 22 general startups that applied to participate, 21 HUB Partners consisting of investment companies and partner organizations, and five affiliates of KB Financial Group. They had in-depth partnership and collaboration discussions in various fields.
The KB Starters is the first startup incubation program in the financial sector that KB Financial Group has been running since 2015, selecting innovative startups in the first and second halves of each year and operating various support programs for each stage of their growth.
To date, 202 startups have been selected as KB Starters and have received various scale-up programs such as collaboration with KB Financial Group affiliates, investment attraction, global expansion, management consulting from internal and external experts and recruitment support.
At the KB Starters Day, a separate booth and networking room were set up to provide mentoring for startups on financial consulting, corporate fund management, and government support business programs.
In the case of startups related to security token offering (STO), real estate data utilization, and KB national certificate service, participants had on-site meetings to discuss collaboration with departments in charge of those topics at KB Financial Group.
“KB Finance Group is continuously expanding various events for collaboration, including KB Starters Day, in order to promote win-win growth with startup ecosystems,” a KB Finance Group official said.“
We will not only actively support these companies but also promote collaboration in various fields with them to practice finance that changes the world.”
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