Shinhan Bank announced on Sept. 26 that it will provide a total of 3 trillion won in financing to small and medium-sized enterprises (SMEs) in the Korean defense industry by the end of this year, as the only commercial Korean bank to participate in the Korean Defense Industry Export Project.
The Korean Defense Industry Export Project is a project implemented by the Defense Trade Support Center, the Ministry of Trade, Industry and Energy, the Ministry of National Defense, KOTRA, the Defense Acquisition Program Administration (DAPA) and Trade Insurance Corporation to boost the competitiveness of Korea’s defense exports.
As a participating bank, Shinhan Bank will provide trade finance and working capital to SMEs in the Korean defense industry.
It will also provide financial support in conjunction with policy guarantees from export guarantee agencies.
In addition to specialized loans for SMEs in the Korean defense industry, Shinhan Bank launched the Win-Win Loan which offers lower interest rates than regular loans based on win-win savings from large Korean defense companies.
These products are also available to SMEs that use loans backed by guarantees from the Credit Guarantee Fund and the Korea Technology Finance Corporation by issuing additional guarantees from Trade Insurance Corporation.
Through the Korean Defense Industry Export Project, Shinhan Bank will provide a total of 3 trillion won in funding this year, including 2 trillion won in trade finance, 120 billion won in technical credit guarantee loans, and 78 billion won in financial support for 12 national strategic technology industries including the defense industry.
The bank will also provide 100 billion won in win-win corporate loans for large defense companies and will expand further if necessary.
“We are the only bank in the market to provide financial support for exporters and SMEs in the defense industry through loans from the Credit Guarantee Fund and Technical Guarantee Fund guarantees, as well as guarantees from the Trade Insurance Corporation,” a Shinhan Bank official said.
Scholarships for Students from Southeast Asia
Shinhan Bank announced on Sept. 26 that it held the ‘2023 Swith (Shinhan with) Global CSR Project,’ a global ESG initiative, at its headquarters in Jung-gu, Seoul.
“Swith” is a combination of the words “Shinhan” and “With.”
The project is an ESG initiative by Shinhan Bank, which has expanded its global financial network to 20 countries, to support foreign students studying in Korea and foreigners living in Korea and enhance the value of society through CSR activities for donations and sharing.
At the event, Shinhan Bank awarded scholarships to students from Vietnam and Cambodia, two of its major overseas markets, to support their growth in the future.
In addition, as a sharing activity with the selected scholarship recipients, Shinhan Bank produced Chuseok gift sets to be delivered to low-income multicultural families in Korea.
Employees from the Embassies of Vietnam and Cambodia in Korea collaborated in the scholarship selection process and participated in production of the gift sets.
NFT Issuance in Commemoration of GBIC
Shinhan Bank announced on October 12 that it will issue a non-fungible token (NFT) in the 2023 Global Blockchain Incheon Conference (GBIC) to be held on October 30.
The GBIC is an international conference organized by Incheon Metropolitan City and hosted by Incheon Technopark to examine the present and future of blockchains and next-generation Internet Web3 technologies and to drive the growth of business ecosystems and cultural diffusion by providing a venue where domestic and international experts hang out with one another.
Shinhan Bank will run a promotional booth at the GBIC to introduce its blockchain business and distribute NFTs with three benefits to the first 1,000 customers who visit the event including coffee gifticons, admission tickets to an AR-VR experience center in Incheon and tickets to participate in on-site events.
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