Shinhan BNPP Conducts COVID-19 Relief Activities... Supports Food-Insecure Children in Daegu

Identifying Restaurants with Sales Decline Using Big Data
Providing Lunchboxes to Food-Insecure Children Through These Restaurants

Lee Chang-gu, CEO of Shinhan BNP Paribas Asset Management (left), and Kim Young-rae, Chairman of the Small and Medium Business Love Sharing Foundation (Photo by Shinhan BNP Paribas Asset Management)

[Asia Economy Reporter Minwoo Lee] Shinhan BNP Paribas Asset Management is carrying out relief activities in the Daegu region, which is facing difficulties due to the novel coronavirus infection (COVID-19).

On the 9th, Shinhan BNPP announced that it will provide lunchboxes to about 1,000 children at risk of food insecurity in the Daegu area as part of its child relief activities. To this end, it donated 30 million KRW to the Small and Medium Business Love Sharing Foundation, established by the Korea Federation of SMEs.

This relief activity is conducted by identifying restaurants in the Daegu area struggling due to COVID-19 through big data, and then delivering lunchboxes to about 1,000 children at risk of food insecurity caused by the temporary closure of Daegu area children's centers, which created a care gap.

Through the 'One Shinhan' system, Shinhan Financial Group's collaboration and synergy expansion strategy, Shinhan Card first identified the severely impacted food service industry in Daegu using big data. According to the big data analysis titled 'Impact of COVID-19 on the Food Service Industry in Daegu,' sales in Daegu decreased by an average of 63% and in Gyeongbuk by 60%, based on franchise stores. By industry, Western cuisine, Japanese cuisine, and seafood were most affected. Industries that do not offer delivery services suffered more damage compared to others. Shinhan BNPP plans to support food for children at risk of food insecurity through the participation of these industry restaurants, aiming to benefit both sides.

Additionally, as part of a long-term relief program, the 'Global Sustainable ESG Fund' is scheduled to be launched at the end of this month. Ten percent of the management fees will be directly donated to the small business support program of the Small and Medium Business Love Sharing Foundation, with the aim of expanding sustainable environmental, social, and governance (ESG) activities.