Major banks are expanding programs to support marginalized and low-income groups, as the financial sector intensifies efforts to promote “inclusive finance” in response to growing concerns over widening social inequality, market watchers said Tuesday.
The initiatives reflect a broader shift in the banking industry toward greater social responsibility, with lenders launching programs that go beyond traditional financial services to address structural challenges.
Shinhan Bank said it will establish “Shinhan SOL Remio,” the first orchestra in Korea’s banking sector composed entirely of musicians with developmental disabilities . It will consist of 40 performers hired directly by the bank.
In addition to musicians, the bank will also select trainees to build a system that supports both professional development and employment opportunities for people with disabilities, helping participants strengthen their skills while securing stable jobs.
The bank also plans to provide a range of performance opportunities to expand participation in cultural and artistic activities for people with disabilities.
Meanwhile, Woori Bank has launched a support initiative for low-income families facing infertility and childbirth challenges.
The program provides assistance covering the entire pregnancy and childbirth process.
Support items include infertility treatment procedures, postpartum care center costs, child insurance premiums and supplies for newborns.
This year, the bank plans to assist 100 households, including 50 families undergoing infertility treatment and 50 preparing for childbirth.
The bank said reducing the financial burden on families will help them prepare a stable environment for childbirth and help build healthy households.
The initiative also complements broader social contribution activities by Woori Financial Group. The holding firm also supports the independence of low-income single-parent households headed by teenagers.
“We believe the programs will help better address the country’s socioeconomic and demographic challenges,” a Woori official said.
