KB Financial Group Establishes $8.5 Million Cooperative Fund with Ministry of SMEs

KB Financial Group announced on June 5 that it has established a cooperative fund worth 10 billion won (approximately $8.5 million) in collaboration with the Ministry of SMEs and Startups and the Korea Federation of Small and Medium Enterprises.

The fund expands the previous focus on large corporate supply chains to include small and medium-sized enterprises (SMEs) and micro-enterprises.

KB Financial plans to support the local economy through investments of 2 billion won in artificial intelligence transformation (AX), 3 billion won in green transformation (GX), and 2 billion won in safety transformation (SX).

Additionally, 3 billion won will be contributed to a cooperative fund aimed at impact investments in community-based social economy enterprises and social ventures.

Yang Jong-hee, Chairman of KB Financial, stated, "We will continue to contribute to the sustainable growth of small businesses and micro-enterprises, as well as the revitalization of the local economy, based on our social responsibility in finance."

KB Financial also plans to invest 10.5 trillion won in support for vulnerable groups and 6.5 trillion won for small businesses and self-employed individuals by 2030.