Shinhan

SEOUL, Sept. 30 (UPI) — Lenders Shinhan Bank and NH Nonghyup Bank have introduced new credit loan products for foreign employees in South Korea.

Shinhan Bank said Tuesday that the firm is offering loans of up to $14,200 with repayment terms ranging from six months to three years. It is available to holders of such visas as F2, F5, E7, and E9.

Eligible applicants need to have at least six months remaining on their stay and have received salaries through Shinhan Bank for the past three straight months. Applications can be made at the bank’s branches or via its mobile app.

To improve accessibility, the bank noted that some of its branches near industrial parks that employ large numbers of foreign workers have remained open on Sundays since July.

“We have come up with a credit loan product to make it easier for non-Korean customers to access financial services,” Shinhan Bank said in a statement. “We will continue to expand tailored services for international clients.”

NH Nonghyup Bank rolled out a similar loan program Tuesday. The credit limit is $21,300, with repayment terms ranging from six months to six years, and most other conditions mirror those of Shinhan Bank.

While domestic lenders have traditionally focused on Korean customers, they are increasingly expanding services for foreign residents as their numbers grow.

According to the Ministry of Justice, the foreign population here jumped around 35% over the past three years, from 1.96 million in 2021 to 2.65 million in 2024. The figure is expected to approach 3 million this year.

The Financial Supervisory Service also reported that the number of foreign borrowers at the country’s four major banks — KB Kookmin, Shinhan, Hana and Woori — surged 60% from late 2022 to early 2025.

SEOUL, Sept. 24 (UPI) — South Korea’s Shinhan Bank said Wednesday that the lender has joined the $246.5 million Hardest-to-Reach Initiative, headed by Acumen, a nonprofit global impact organization.

Built on a combination of public and private financing, the initiative is aimed at bringing energy access to people in the least electrified regions of Sub-Saharan Africa, including such countries as Malawi, Burkina Faso and Sierra Leone.

The Acumen program consists of two vehicles: one that provides impact-linked loans to enterprises and another that builds markets through a mix of equity, debt, grants and technical assistance.

The project is expected to enable around 70 million people from 17 African countries, who are still living in darkness, to gain off-grid solar access, thus avoiding the emission of 4 million tons of carbon dioxide, according to Acumen.

Among them, 50 million will be first-time energy users. Acumen noted that 600 million sub-Saharan Africans still lacked access to electricity as of 2023.

Shinhan Bank did not disclose how much it provided to the HWR Initiative.

“This innovative blended finance structure enables us, as a leading Korean bank, to channel capital into the toughest markets and reach those most in need — helping provide clean, affordable energy where it matters most,” Shinhan Bank Deputy President Seo Seung-hyeon said in a statement.

In addition to Shinhan Bank, other global organizations and funds are taking part in the initiative, including Green Climate Fund, International Financial Corporation, Nordic Development Fund, British International Investment and Soros Economic Development Fund.

Acumen’s founding CEO Jacqueline Novogratz said the coalition would step up with capital designed not to just to invest, but to solve.

“This is the first time public, private and philanthropic partners have come together behind a model built to reach the hardest-to-reach. It’s a clear example of what’s possible when capital aligns with purpose to tackle energy poverty at scale,” she said.