KakaoBank Donates 1 Billion KRW to Support Youth Self-Reliance Amid Financial Crisis

Business Agreement Signed with Social Solidarity Bank

KakaoBank has signed a business agreement with Together Making the World (Social Solidarity Bank) for the "Project Again, Spring" initiative and delivered a donation of 1 billion KRW to establish a support fund for young people facing financial crises.

The signing ceremony was held on May 14 at KakaoBank’s headquarters in Seongnam, Gyeonggi Province, and was attended by Jungyun Park, Head of Compliance at KakaoBank, Yongduk Kim, Chairman of Social Solidarity Bank, and others.

Social Solidarity Bank is a social financial institution and a non-profit organization that supports self-reliance by providing low-interest loans, such as start-up or living funds, to low-income and low-credit vulnerable groups who are excluded from the mainstream financial system.

Jungyun Park, Head of Compliance at KakaoBank (left), and Yongduk Kim, Chairman of Together Making the World, are signing a business agreement. Photo by KakaoBank

With KakaoBank’s donation, Social Solidarity Bank plans to refinance high-interest loans of young people with mid- to low-credit ratings at an ultra-low interest rate of 1% (up to 3 million KRW), and to offer telephone counseling services for credit management. Social Solidarity Bank will recruit eligible participants through its website in the second half of the year.

"Project Again, Spring" is a slogan jointly created by Social Solidarity Bank and KakaoBank to support young people aged 20 to 39 who are marginalized in the financial market. The slogan conveys the intention to "re-examine" customers whose loan applications have been rejected by financial institutions, as well as the hope that a "new spring" will come for them. Starting with a 1 billion KRW donation this year, KakaoBank plans to make regular annual contributions going forward.

KakaoBank stated, "We hope that 'Project Again, Spring' will provide practical support to young people beyond simple financial aid, through financial health assessments and education," adding, "We will continue to actively practice inclusive finance for vulnerable groups in financial blind spots."