Woori Financial Group Chairman Yim Jong-yong, fourth from left in the back row, presides over the group's monthly council meeting at the company headquarters in Seoul, Friday. During the meeting, the company outlined plans to expand financial support for younger generations and lower-credit borrowers. Courtesy of Woori Financial Group
Woori Financial Group is ramping up efforts to expand support for young adults and lower-credit borrowers, positioning inclusive finance as a broader social safety net, the group said Monday.
At its monthly council meeting at its headquarters in Seoul, Friday, Woori laid out plans to strengthen financial support for younger generations working to build economic independence, while broadening protections for low- and mid-credit consumers who remain underserved by traditional finance.
Woori Bank has been at the forefront of that push.
In the first quarter alone, the bank supplied 218.6 billion won ($160 million) in customized credit loans for lower-income and lower-credit borrowers, the highest level among major commercial banks.
Since introducing a 7 percent annual interest rate cap on unsecured personal credit loans in January, Woori has reduced borrowing costs by roughly 1 billion won for 40,000 customers.
In March, the bank also suspended debt collection for certain long-term small-scale distressed borrowers while granting 32.2 billion won in interest relief.
To address more immediate financial vulnerability, Woori has expanded beyond conventional lending by launching emergency living expense loans for financially vulnerable groups such as young adults, freelancers and homemakers, who often face difficulties proving stable income within traditional credit systems. Within just two months of launch, the product provided 13.2 billion won to roughly 2,000 borrowers.
Woori Savings Bank separately supplied 221.9 billion won in microfinance loans through April, while the broader group — spanning banking, cards, capital and savings affiliates — extended 514.8 billion won in mid-interest-rate loans for lower-credit consumers.
Later this month, the financial group plans to further widen access through two flagship initiatives.
Source: Korea Times News
