KB Life CEO joins campaign against illegal lending
KB Life Insurance CEO Jeong Mun-cheol takes part in the "Finance That Saves Lives" campaign. Courtesy of KB Life Insurance
KB Life Insurance CEO Jeong Mun-cheol has joined a nationwide campaign against illegal private lending, pledging to help protect the financially vulnerable and promote financial inclusion, the insurer said Wednesday.
Launched in July by the Korea Inclusive Finance Agency, the “Finance That Saves Lives” campaign brings together financial institutions, government agencies and local governments. It follows a relay format, where participants share a message raising public awareness of inclusive finance and nominate the next person to carry it forward.
The initiative aligns with the Lee Jae Myung administration’s push for inclusive finance, which includes expanding access to financial services, easing the burden on delinquent borrowers and cracking down on illegal lending.
Jeong was nominated by KB Kookmin Bank CEO Lee Hwan-ju on Sept. 28. In a campaign photo, Jeong held a sign reading, “Finance that saves lives will protect people from being driven into illegal lending,” before nominating Korea Life Insurance Association Chairman Kim Chul-ju as the next participant.
“I strongly identify with the campaign’s goal of giving people struggling with illegal private lending hope to get back on their feet,” the CEO said.
“We will listen to the challenges facing financially vulnerable individuals and do our part to ensure that customers are no longer driven toward illegal lenders. We will continue supporting underserved borrowers and promoting financial inclusion to help advance the values behind ‘Finance That Saves Lives.’”