Ecosystemic development, or shared growth with smaller partner companies and social contributions, has been the latest buzzword for the nation’s major enterprises and financial companies.

Woori Financial Group has been at the forefront of social contribution in the financial sector.

Last month, Woori Financial became the first financial company to sign a preliminary deal with the Education Ministry to run financial education programs for children, teenagers and job seekers.

The nation’s largest financial holding company in asset value also began supporting the children of multicultural families through a scholarship foundation.

The foundation provides underprivileged children with scholarships and one-on-one mentoring by university students, in addition to developing and running educational programs, as well as renovating study facilities.

Woori Financial plans to increase the foundation’s capital from the current 20 billion won to between 50 and 60 billion won in the future. 

Woori is considering the special employment of children of multicultural families.

Kyongnam Bank, a Woori subsidiary, hired three migrant women last August.

Under a memorandum of understanding with the Education Ministry, Woori plans to expand the recruitment of high school graduates and the education of parents among its staff.

Volunteer activities are another main pillar of Woori Financial’s social contribution.

“Sincerity and consistency are the most important in a company’s social contributions,” Woori Financial chairman Lee Pal-seung said.

“Staff participation in volunteer work is more valuable than simple donations.”

In celebration of the group’s founding 10 years ago, Woori Financial’s entire staff of some 26,000 took part in volunteer activities over the last two months of last year, starting with kimchi-making.

Woori affiliates and their overseas branches have participated in community service activities at childcare centers, held sports days for the disabled, environmental protection campaigns and helped child patients.

GS Caltex Corp. is another company that has been constantly sharing with the community including its suppliers.

The nation’s second largest oil refiner has a department exclusively in charge of cooperation with partner firms, including support in technological development and employee training.

GS Caltex pays all of its partner companies in cash and created a 100-billion-won fund with financial firms to help its suppliers get low-interest loans.

In addition to allowing suppliers readjust prices due to currency rate fluctuations and hike in raw material prices, the refiner signs two-year or three-year contracts with outstanding partner companies to reduce uncertainties.

GS Caltex, GS EPS Co. and GS Global Corp. have said they will spend 1.8 trillion won this year to build a fourth heavy-oil processing facility, a third power generation unit and expand its presence in oil and soft coal exploration.

By Kim So-hyun (sophie@heraldcorp.com)