Lee Min-hyung joined The Korea Times in 2014 and has worked as a journalist mainly in Korea’s finance, tech and automotive industry. He specializes in content creation, breaking news and in-depth analysis currently on transportation and mobility. You can reach him via mhlee@koreatimes.co.kr.
Financial firms keep low profile at Winter Olympics
Korean speed skaters attend an official training session during the Winter Olympics at the Beijing National Speed Skating Oval, Sunday. Yonhap
By Lee Min-hyung
By Lee Min-hyung
Korean financial firms are keeping a low profile in their advertisement campaigns for the 2022 Winter Olympics in Beijing, as they do not expect huge marketing benefits from the global sporting event which kicked off with less fanfare due to the prolonged COVID-19 pandemic.
Korean financial institutions are also reluctant to engage in active Olympic marketing campaigns this time, as only a limited number of spectators are allowed to attend events, industry sources said Monday.
However, this was not the case during previous Winter Games. Major financial holding companies here launched a series of special financial products during the Olympic seasons ― including the 2018 PyeongChang Winter Games in Korea and 2014 Sochi Games in Russia ― under the view that they can maximize their marketing impact.
“The public is paying much less attention to the Olympics than before due to a number of reasons ― such as the upcoming Korean presidential election in March and the less festive mood of the Olympics due to coronavirus restrictions,” an official at a major financial holding firm said.
However, financial groups, including KB and Shinhan, remain active in supporting Korean athletes during the ongoing sporting event. KB Financial Group in particular is sponsoring six Korean athletes who will take part in five events of the Winter Games.
Back in 2006, KB Financial Group signed a sponsorship contract with Korean figure skater Kim Yuna. The company has since become a key beneficiary after Kim achieved a series of medals during the Winter Olympics in 2010 and 2014. At that time, KB launched a special savings product, giving its subscribers better interest returns if Kim won a gold medal.
Shinhan Financial Group, another leading financial firm along with KB, is also sponsoring Korean athletes in major winter sports ― such as ski and hockey. Even if most winter sports do not attract a lot of attention from the public, Shinhan plans to ramp up efforts to support athletes in the Winter Games in line with the global trend of enhancing and implementing environmental, social and corporate governance (ESG) management measures.
Hana Financial Group is also joining the trend by sponsoring the Korea Paralympic Committee, offering financial support for disabled athletes in Korea.