Samsung and 4 Major Banks Foster 'Top IT Warriors'... "Learn Fintech and Join the Bank"

Samsung has partnered with the four major banks to nurture 'top-tier IT professionals.' They have established a fund worth 2 billion KRW to invest in the youth employment and experience program 'Samsung Software Academy For Youth (SSAFY)' and decided to strengthen the fintech software course curriculum.

On the 26th, Samsung announced that it signed a 'Business Agreement to Enhance Youth Employment Competitiveness and Foster Digital Talent' with Shinhan, KB Kookmin, Hana, and Woori Banks at the SSAFY Seoul Campus in Gangnam-gu, Seoul. The four banks will create a fund and donate it to SSAFY through the SSAFY partner NGO, the Children and Future Foundation. The donation will be used to teach SSAFY enrollees and youth.

Samsung stated that SSAFY realizes a 'win-win virtuous cycle' beneficial to both youth and companies. The employment rate of SSAFY graduates, established by Samsung at the end of 2018, reaches 84%. There are many cases of employment at major companies preferred by youth, including the four major banks, Naver, Kakao, Hyundai Mobis, SK C&C, LG Electronics, KT, Shinsegae I&C, and Kurly. Among about 4,000 graduates, 726 SSAFY alumni have entered the financial sector. Park Hak-gyu, President of Samsung Electronics' Management Support Office, said in his congratulatory speech at the signing ceremony, "This agreement will be the starting point for expanding the SSAFY ecosystem that jointly considers and solves social challenges."

Graduates of the 8th class at the Gwangju campus of the 'Samsung Youth Software Academy (SSAFY)' in Gwangju Metropolitan City pose for a commemorative photo at the graduation ceremony held on the 16th.
[Photo by Samsung Electronics]

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All four banks will participate in the SSAFY 'Finance Specialized Project' starting in the second half of the year. After completing the basic software education in the first semester, the four banks will propose basic fintech software projects for the trainees in the second semester. A 'Finance Special Zone' will be newly established at the job fair to conduct mock interviews and recruitment consultations.

The goal of SSAFY is to cultivate top-tier talent who can freely handle each institution's software immediately upon employment. The four banks agreed with Samsung's intent. Shin Sang-hyuk, CEO of Shinhan Bank, said, "We expect this cooperation to elevate the digital competitiveness of the financial industry to a new level." Lee Jae-geun, CEO of KB Kookmin Bank, said, "I hope the agreement between Samsung and the banking sector will be a stepping stone for the youth generation's leap forward." Lee Seung-yeol, CEO of Hana Bank, said, "We will actively nurture and recruit talent who will lead digital transformation in the financial sector through cooperation with SSAFY." Lee Won-duk, CEO of Woori Bank, said, "We will continuously seek cooperation methods and strive for excellent software talent to coexist with the financial sector."

SSAFY operates twice a year, accepting 1,150 students per session. It provides 1,600 hours of instruction over one year, with 8 hours of daily teaching. This year, they are educating the 9th cohort who enrolled in January. The 10th cohort is currently undergoing selection and will start classes next month. The campuses are located in five places: Seoul, Daejeon, Gwangju, Busan, and Gumi, Gyeongbuk. Tuition is free. Moreover, all trainees receive a monthly education support stipend of 1 million KRW.

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