Shinhan Financial Group to Provide 6 Billion Won Over Three Years to Boost the Social Solidarity Economy

Signing Ceremony with the Ministry of the Interior and Safety Held in Ansim Village, Daegu

Shinhan Financial Group, through the Shinhan Financial Hope Foundation, will provide a total of 6 billion won over three years—20 million won per year—to support the social solidarity economy sector, including social enterprises and cooperatives.

Jin Okdong, Chairman of Shinhan Financial Group (right), is taking a commemorative photo with Yoon Hojung, Minister of the Interior and Safety, after signing a "Business Agreement for the Activation of the Social Solidarity Economy" on the 8th in Ansim Village, Dong-gu, Daegu Metropolitan City. Provided by Shinhan Financial Group

According to Shinhan Financial Group, Chairman Jin Okdong met with Yoon Hojung, Minister of the Ministry of the Interior and Safety, on the afternoon of July 8 in Ansim Village, Dong-gu, Daegu, and signed a memorandum of understanding on 'Activation of the Social Solidarity Economy' that includes these details.

The social solidarity economy refers to economic activities in which entities such as social enterprises and cooperatives prioritize public value over profit through solidarity and cooperation. The Ministry of the Interior and Safety is working to spread the social solidarity economy nationwide by developing innovative models tailored to local characteristics and promoting the expansion of these projects.

Ansim Village in Daegu, where the signing ceremony was held, is a place where residents began forming a cooperative in 2008 with the goal of integrated care for people with and without disabilities. Today, over 20 social economy enterprises and civic organizations—including daycare centers, libraries, cafes, restaurants, and lunchbox delivery services—have established an autonomous solidarity network.

Based on the 'Local Branding for Community Revitalization at the Living Zone Level' agreement signed with the Ministry of the Interior and Safety in 2023, Shinhan Financial Group has expanded its cooperation to include the social solidarity economy sector.

The support program will focus on: ▲ improving energy efficiency by replacing high-efficiency energy equipment (Energy Impact-Up); ▲ supporting the growth of social solidarity economy organizations, including business development and the creation of new jobs (Base Impact-Up); and ▲ projects to solve local community issues based on public-private cooperation (Social Impact-Up). Organizations and companies in the social solidarity economy sector selected through a public call for Social Solidarity Economy Impact-Up Projects will be eligible for support.

A Shinhan Financial Group official said, "In order for the social solidarity economy, where residents themselves create essential local services such as care and energy, to grow, both institutional support from the government and participation from the private sector are essential," adding, "Shinhan Financial Group will actively cooperate with the Ministry of the Interior and Safety so that local communities can build their own sustainable development foundations."

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