Choi Jun-woo, President of Jugeumgong, "Efforts in Inclusive Finance to Identify Vulnerable Groups"

Key Priorities This Year Include Inclusive Finance and Digital Work Innovation
President Chwijunwoo: "We Must Quickly Identify Vulnerable Groups and Strive to Expand Relief Targets"

Korea Housing Finance Corporation (HF) held the 'HF Hope Box' delivery ceremony on the 2nd at the Busan Regional Headquarters of the Green Umbrella Children's Foundation in Yeonje-gu, Busan. Choi Jun-woo, President of Korea Housing Finance Corporation (left), and Noh Hee-heon, Head of the Busan Regional Headquarters of the Green Umbrella Children's Foundation, are posing for a commemorative photo.

[Asia Economy Reporter Song Seung-seop] On the 2nd, Choi Jun-woo, President of Korea Housing Finance Corporation (HF), delivered a speech commemorating the 17th anniversary of the corporation's founding, stating, "We will do our best to provide various products supporting vulnerable groups in a timely manner." The key focus areas for this year were identified as inclusive finance, digital work innovation, and fostering future businesses.

President Choi emphasized, "We must closely monitor domestic and international environmental changes and housing market trends to quickly identify vulnerable groups whose housing stability is threatened by rising housing prices and rapid changes in the rental market," adding, "Please strengthen the debt adjustment system and expand the scope of relief for vulnerable borrowers who are struggling to repay loans due to COVID-19."

He also explained that improving the product competitiveness of the housing pension is an important part of inclusive finance. President Choi stated, "If generating profit is the purpose of a company, then practicing social value is the mission of the corporation," and expressed, "Improving the product competitiveness of the housing pension is important for the elderly who worry about their retirement due to earlier retirement ages and steep inflation."

Regarding digital work innovation, he said, "We have been preparing for digital transformation by reorganizing related departments such as the Digital Finance Department and Data Service Team," and encouraged, "Let's reduce simple and repetitive administrative tasks and focus our capabilities on more creative and innovative work."

He also mentioned the necessity of fostering future businesses, saying, "The more solid the organization, the more it can seize crises as opportunities to create new growth engines." He cited examples such as designing personalized products based on the big data held by the corporation and providing a safe and convenient housing finance experience by utilizing artificial intelligence (AI) and blockchain technology.

Regarding past achievements, he evaluated, "Since its establishment, the corporation has achieved remarkable growth every year and has contributed to improving the housing welfare of the people in proportion to the scale of quantitative and qualitative growth." As of last year, the total amount of policy housing mortgage loan products supplied through the corporation reached 337 trillion won, with housing guarantee scale amounting to 431 trillion won. The total number of subscribers is about 80,000, providing approximately 6.2 trillion won in retirement funds to the elderly.

President Choi analyzed, "This year, by launching ultra-long-term mortgages with a 40-year term, we expect to set a new milestone for policy mortgages," and added, "The housing pension lowered the subscription age to 55 and expanded eligible housing to residential officetels, creating an opportunity for a leap forward."

Meanwhile, HF Corporation decided to forgo the anniversary event this year and donate the entire budget for purchasing commemorative gifts (20 million won) to children from low-income families. Accordingly, they delivered 'HF Hope Boxes' containing COVID-19 prevention kits and groceries to the Busan Regional Headquarters of the Green Umbrella Children's Foundation.