KB Financial Group to Provide 6 Billion Won for Nighttime Extended Childcare Program in Partnership with Ministry of Health and Welfare

On the 2nd, at the new building of KB Kookmin Bank in Yeouido, Seoul, Yang Jonghee, Chairman of KB Financial Group, and Jung Eunkyung, Minister of Health and Welfare, are taking a commemorative photo at the "Business Agreement Ceremony to Address the Gap in Nighttime Childcare." Provided by KB Financial Group

On October 2, KB Financial Group announced that it had signed a Memorandum of Understanding (MOU) with the Ministry of Health and Welfare for a "Business Agreement to Address the Gap in Nighttime Childcare."

The signing ceremony, held at the KB Kookmin Bank New Building in Yeouido, Seoul, was attended by Jeong Eunkyung, Minister of Health and Welfare, and Yang Jonghee, Chairman of KB Financial Group.

This agreement was established in response to recent incidents in which children lost their lives in a series of fires. It aims to support the Ministry of Health and Welfare's "Nighttime Extended Childcare Program."

KB Financial Group and the Ministry of Health and Welfare plan to gradually extend the operating hours of some local children's centers and Together Care Centers, which previously closed at 8 p.m., to midnight. The goal is to reduce gaps in nighttime childcare so that children can remain safe even in the absence of their parents, and to allow parents who work at night to focus on their livelihoods with peace of mind.

Through this agreement, KB Financial Group will provide a total of 6 billion won (approximately 4.4 million USD) to the nighttime extended childcare program over the next three years, from 2025 to 2028. This budget will be used for infrastructure improvements such as enrolling in liability insurance for safety accidents during nighttime commutes, supporting transportation for drop-off and pick-up, providing bedding and heating/cooling equipment, and upgrading outdated facilities. In addition, it will support a one-stop user guidance system for guardians and nighttime staff, as well as burnout prevention programs for staff.

Minister Jeong stated, "We are establishing a new public support system for nighttime extended childcare so that parents will not have to worry in emergencies. As a joint public-private sector model, I expect this will be a significant step toward addressing the gap in nighttime childcare."

Chairman Yang said, "I hope that nights when children are left alone will be filled with safety. Through collaboration that closely connects public and private care services, we will build a strong safety net so that nighttime workers and the self-employed can focus on their livelihoods with peace of mind."

Meanwhile, KB Financial Group has continued its support to strengthen childcare. Last year, it collaborated with eight major local governments nationwide to provide child care services and substitute labor costs for employees on parental leave. In schools, it helped establish and expand after-school care classrooms and regional care centers. Its major affiliate, KB Kookmin Bank, operates a variety of customized programs tailored to different stages of growth, from preschoolers to university students, as part of its flagship social contribution projects.