Samsung, 4 major banks to foster fintech software developers

By Baek Byung-yeul

Samsung Group will foster computer software developers for the financial sector in collaboration with four major banks ― Shinhan Bank, KB Kookmin Bank, Hana Bank and Woori Bank ― in order to jointly resolve youth unemployment and help develop the country's IT capabilities, they said Monday.

They forged a business agreement to enhance youth employment competitiveness and foster digital technology professionals at Samsung Software Academy For Youth's (SSAFY) Seoul Campus. The four banks involved in the agreement will raise 500 million won ($383,241) in funds each, totaling 2 billion won, to be donated to SSAFY through SSAFY's NGO partner Future For Youth Foundation.

The raised funds will be utilized to help young people enrolled in SSAFY complete a year-long training program and improve their employability. SSAFY will launch a financial specialization project course with the participation of the four banks in the second half of this year.

As the four banks will support the SSAFY program through the agreement, the momentum of the program will be further strengthened, Samsung said.

Samsung launched the SSAFY program in 2018 and more than 4,000 graduates have found jobs with more than 1,000 domestic and overseas companies, making the program a leading program for fostering computer software developers that enhances the employability of young people and expands the base of the country's IT ecosystem.

Financial institutions also have paid great attention to the program and have continued to recruit its graduates to help with their digital transformations. Among the graduates of SSAFY's first class, 33 were employed by financial institutions, including banks, insurance companies and securities firms, and this number increased to 138 in the seventh class. To date, a total of 726 SSAFY graduates have been employed by various financial institutions.

In the financial specialization project course, trainees participate in the program by proposing basic software projects related to fintech. They are mentored by bank employees to gain software development experience.

"This agreement marks the beginning of the expansion of the SSAFY ecosystem, where members of society can work together to solve social challenges,” said Park Hark-kyu, president and head of corporate management at Samsung Electronics.

Under the tech giant's corporate social responsibility vision of "Go Together for the Future! Enabling People," Samsung Electronics has been expanding various corporate social responsibility programs such as Samsung Software Academy, Samsung Dream Class and Samsung Smart School to improve education for children and young adults.