KakaoBank Highlights the Importance of Preserving Cultural Heritage
Special Savings Products Launched for Liberation Day
Donations and Collaboration with the Ministry of Patriots and Veterans Affairs
As the 80th anniversary of Liberation Day approaches, banks are fiercely competing with 'patriotic marketing' campaigns. They are attracting financial consumers by launching special products, delivering donations, and preparing a variety of events such as contests.
KakaoBank Raises Awareness of Cultural Heritage
According to the financial sector on August 14, KakaoBank has been running a Hidden Heritage Hunt event to commemorate Liberation Day since August 11. The event invites participants to find five heritage items (dictionary, Mugunghwa, celadon, stupa, and painting) depicted in a comic illustration of August 15, 1945-the day of Korea’s liberation-within 15 seconds for a reward. The event is intended to draw attention to the issue of cultural heritage preservation on Liberation Day.
All the heritage items presented by KakaoBank are objects that were either destroyed or taken abroad during the Japanese colonial era. For example, the dictionary refers to the 'Joseonmalkeun Dictionary,' whose manuscript was taken to Japan during the 1942 Joseon Language Society Incident, but was recovered from a warehouse at Seoul Station after liberation and subsequently published. The Mugunghwa flower highlights Hanseo Namgung Eok's leadership in the Mugunghwa Planting Movement. Goryeo celadon, the Oesari Stupa in Goesan, and the Hyeweon Jeonsincheop painting album were all protected from being taken abroad or were reclaimed through direct purchase by Kan Song Jeon Hyeongpil. KakaoBank promised to donate 100 million KRW to the Kansong Art and Culture Foundation for the preservation and research of Korean heritage if over 100,000 customers participated in the event. As of the morning of August 14, the number of participants had already surpassed 1 million.
Special Products Including 8.15% Annual Savings Accounts
Special products related to Liberation Day are also being launched in succession. Woori Bank, in collaboration with the Ministry of Patriots and Veterans Affairs, has released the 'Woori 80th Anniversary of Liberation Savings Account.' The product is limited to 100,000 accounts, is a 12-month free installment savings account, and allows monthly deposits of up to 300,000 KRW. The base interest rate is 2.0% per annum. An additional preferential rate of 4.15 percentage points is offered to national merit recipients, independence patriots, and their families, and a 2.0 percentage point preferential rate is provided for customers who have not held Woori Bank deposit or savings products in the past six months, allowing for a maximum annual interest rate of 8.15%. On the same day, Woori Bank also launched the 'Woori 80th Anniversary of Liberation Time Deposit.' This product offers a base interest rate of 2.6% per annum without any additional preferential rates, and can be subscribed to in increments of 1 million KRW, from 1 million to 100 million KRW. The total sales limit is 1 trillion KRW, and it is available exclusively at branch counters until August 28.
Hana Bank also launched the 'Korea Manse 80th Anniversary Savings Account' in June. Including preferential rates, the maximum annual interest rate is 8.15%. The monthly deposit amount ranges from 10,000 KRW to 200,000 KRW, and the contract period is one year. National merit recipients, military personnel, police officers, and firefighters receive a 2% preferential rate; newborns or parents of babies born in 2025 (the 80th anniversary of Liberation) receive 2%; first-time Hana Bank customers receive 1.15%; and those who complete a pledge to practice patriotism, such as raising the national flag, receive 1.0%. For each account, 815 KRW from the maturity interest and an additional 815 KRW from Hana Bank are donated-totaling 1,630 KRW-to support independence patriots. NongHyup Bank has launched the 'NH Korea Hero Package' for firefighters, police officers, and coast guard personnel. The deposit product allows subscriptions of up to 50 million KRW, with a base interest rate of 2.48% per annum and a maximum preferential rate of 0.3 percentage points for heroes and the 80th anniversary of Liberation. Loan products and cards for these groups have also been introduced.
Related products have also been launched in the mutual finance sector. The National Credit Union Federation of Korea has introduced the 'Credit Union National Heritage Eobuba Savings Account.' Upon maturity, 1% of the deposited amount is donated by the Credit Union Social Contribution Foundation to support the protection of national heritage. The donation will be used to improve living and historical cultural spaces for residents of Dokdo and to protect the ecosystem.
Support Through Donations and Assistance for National Merit Recipients
There is also generous support for national merit recipients and others through donations. IBK Industrial Bank of Korea is conducting the '8 Road-Up Donation Challenge.' When customers participate, IBK donates to organizations for national merit recipients, military personnel, police officers, and firefighters. The donation amount increases as more people participate, with a maximum of 500 million KRW to be donated if 80,000 people join. Participating customers receive a coupon for a 3.65 percentage point preferential rate on the 'IBK D-day Savings Account.' Kyongnam Bank has donated 90 million KRW to the Youngshin Welfare Foundation Masan General Social Welfare Center, designated for the creation of a memorial monument for patriots in Changwon. iM Bank provided donations for the 'Independence Memorial Road Event,' a cultural experience event held in June for descendants of independence patriots.
Woori Financial Group and KB Kookmin Bank are also partnering with the Ministry of Patriots and Veterans Affairs to support national merit recipients. Woori Financial Group has signed a business agreement with the ministry to support national merit recipients and promote a culture of honoring patriots. Through this, they provide living expenses such as hospital fees, clothing, and dining expenses to independence patriots and their families, up to 1 million KRW per person. KB Kookmin Bank is hosting a lyrics contest for 'Korea Survived,' a song sung by female independence activists in prison, and is participating in the 'Stores of Honor' project, which supports the self-reliance of small business owners who are descendants of independence patriots by improving their stores and facilities, providing management consulting, and offering commemorative plaques.
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