Hana Financial Group said Thursday it signed a fresh agreement with the city government of Incheon and the Financial Supervisory Service to support small- and medium-sized businesses to better respond to calls for environmental, social and governance management.

The signing ceremony was held at Hana Global Campus, the financial group’s human resource development center, in Incheon. Chairman Ham Young-joo, Incheon Mayor Yoo Jeong-bok and FSS Governor Lee Bok-hyun attended the event.

"Amid growing calls for ESG management throughout the whole supply chain globally, SMEs are facing bigger challenges in meeting the demands,” the Hana chief said. “Hana Financial Group is committed to providing sincere and effective support for SMEs to overcome these challenges.”

Incheon Mayor Yoo expressed high expectations about the new partnership. “Today’s signing ceremony holds the potential to enhance the competitiveness of exporters and secure the long-term sustainability of SMEs," Yoo said.

"We hope that this collaboration will not only enhance SMEs' capacity to respond to supply chain inspections but also improve companies' awareness of ESG management overall," the FSS' head Lee added.

According to Hana, the new partnership encompasses a range of strategic initiatives, including sharing insights and trends pertaining to ESG, conducting extensive surveys, and offering guidance on export-related ESG challenges that SMEs encounter.

Under the program, Incheon-based SMEs will be selected to be offered comprehensive consultations on ESG response from planning to management to evaluation.

Hana, in particular, will offer support for SMEs to prepare for supply chain inspections such as carbon emissions measurement and reviews of labor environment in accordance with different regulations around the world.

The group also plans to offer special interest rates to the selected SMEs.

Hana said these proactive measures are expected to empower SMEs in meeting heightened ESG requirements for their overseas expansion.