Hamkke Mandeuneun Sesang (Social Solidarity Bank) signed an MOU with Inmost Investment Advisory on Friday at its office in Jongno-gu, Seoul, to promote a culture of giving and create social value.
The signing ceremony was attended by Social Solidarity Bank Chairman Kim Yong-deok, Inmost Investment Advisory CEO Jang Jae-chang and officials from both organizations. The agreement aims to explore a philanthropic model linking asset management with charitable giving, and to identify social contribution activities that draw on the expertise and resources of both institutions.
Under the MOU, the two organizations will jointly promote a culture of giving and social value creation, and will collaborate on social contribution projects — including retirement and asset management education for senior members and support for senior professionals seeking to re-enter the workforce.
Inmost Investment Advisory provides investment advisory and asset management services to individual, institutional and corporate customers based on behavioral finance principles. The firm communicates regularly with customers through research notes, seminars and financial education, and is expanding its services into retirement planning and financial counseling for seniors.
"From a behavioral finance perspective, money set aside for giving is the kind that can be held the longest and invested with the furthest horizon in mind," Jang said. "By designing this as a formal portfolio within asset management, we wanted to grow the share available for giving and create a structure that allows customers to participate in charitable giving on their own terms." He added that the firm would work with Social Solidarity Bank, a trusted partner, to ensure that better investment management leads to a virtuous cycle of greater giving.
"Giving has long been seen as something done after asset management is complete," Social Solidarity Bank Chairman Kim said. "Incorporating giving into an asset management plan is still a rare approach in Korea." He added that the two organizations would draw on their combined financial expertise and credibility to build a sustainable philanthropic model that makes it easy for those who want to give to participate naturally.
Meanwhile, Social Solidarity Bank is a leading social finance institution established in 2003. It provides startup, operating and living-stability funds to vulnerable groups with low credit ratings or low incomes, small business owners and social enterprises, and works to foster an inclusive financial ecosystem.
mhj@heraldcorp.com
