The Financial Supervisory Service said on the 29th that it selected four financial products that helped ease the financial burden on vulnerable groups as the seventh "win-win and cooperation exemplary cases for new financial products." A total of 21 products (12 companies) launched between January and November last year across all financial sectors were submitted to the open call, and among them, products with high consumer benefits and social contributions were chosen as exemplary cases.
Selected as an exemplary case, the "Ddangyo interest subsidy loan" is a guaranteed loan with interest subsidies offered to merchants on the delivery app "Ddangyo" through a partnership among Shinhan Bank, local governments, and regional credit guarantee foundations. Through Shinhan Bank's grants to the guarantee fund (4.6 billion won) and interest subsidies from local governments (1–4% of the loan amount), the interest burden on small businesses was reduced.
KB Kookmin Bank's "interest rate cuts for four types of unsecured debt adjustment products" was launched to ease the repayment burden on individuals and sole proprietors facing economic difficulties. The new annual interest rate for the four unsecured debt adjustment products was reduced by up to 3.5 percentage points (p), from 13% to 9.5%. KB Insurance's "traditional market weather damage compensation insurance" is the first index-type group insurance for traditional markets, paying out claims when weather indices such as precipitation and temperature reach certain thresholds. Because claims can be filed without proving losses, consumer convenience was improved.
MetLife Life Insurance's "non-participating thank-you firefighters insurance" is a firefighters-only policy that covers disaster risks that may occur during firefighting duties. By simplifying enrollment and underwriting, it addressed coverage blind spots. Lee Chan-jin of the Financial Supervisory Service (FSS) said, "These are innovative financial products that improved financial accessibility and lowered financial burdens," and urged, "Please continue to take the lead so that a culture of protecting financial consumers and mutual growth can take deeper root across the financial sector."