Financial Commission Opens First Public-Private Financial Support Center in Busan

The Financial Commission announced the official opening of the nation’s first public-private financial support center in Busan on July 3. This center aims to provide integrated support for finance, employment, and welfare in a single location.

Attendees at the opening included Financial Commission Chairman Lee Ok-yeon, Busan Mayor Jeon Jae-soo, Korea Financial Services Agency Director Kim Eun-kyung, BNK Financial Group Chairman Bin Dae-in, and Korea Development Bank Chairman Park Sang-jin.

The Busan Support Center is a pioneering model that combines efforts from central and local governments, public institutions, and regional private financial firms to offer localized financial support. It features a one-stop service that includes consultations on policy financial services, debt adjustment, and connections to employment and welfare resources. Individuals with strong credit ratings can receive private financial consultations from BNK Busan Bank, while those facing challenges accessing institutional finance will be directly linked to policy financial services.

BNK Busan Bank is launching a regionally tailored loan and savings product called 'BNK Financial Ladder' for users of the support center in Busan, Ulsan, and Gyeongnam. This credit-building product aims to assist vulnerable borrowers who have successfully repaid policy financial loans in transitioning to institutional finance.

According to the Financial Commission, since the introduction of the support center in 2024, approximately 310,000 cases have been linked from finance to employment and welfare by May of this year. Beneficiaries of the support services have shown a lower percentage of borrowers with three or more delinquencies during debt adjustment compared to non-beneficiaries. Additionally, a 'mobile support' service will be regularly operated for vulnerable groups who cannot visit the center in person. This collaboration is expected to address issues related to regional population decline and gaps in financial support for low-income individuals.

The Financial Commission plans to establish similar centers in Gwangju and Jeonbuk in collaboration with the private financial sector, following the existing agreements for support services.

Chairman Lee stated, "Support services must reach every corner of the country so that all citizens can benefit from the integrated support, regardless of their place of residence."