Hanwha Life Insurance is expanding its financial education programs overseas, launching an initiative in Bandung, Indonesia, to help young people navigate growing risks of digital finance.
Run in partnership with Save the Children, the program focuses on financial literacy and protection against online scams, illegal lending and gambling.
The initiative uses a peer-education model, training high school students to teach fellow students with support from university mentors at Bandung Institute of Technology and specially trained teachers. Since its June launch, it has reached about 700 participants, including 600 young people.
Hanwha Life plans to introduce a financial education module at BFN Fest, an Indonesian government event, next month. In January, it will invite 20 university mentors to Korea for additional training. The company will also share participants' experiences and program results through social media.
The Indonesian program builds on Hanwha Life's domestic financial education efforts. Since 2015, its Economics Classroom initiative, operated under the Financial Supervisory Service's "One Company, One School" program, has reached 117,652 students at 1,002 schools.
As of October, this year's programs had reached 7,254 students at 72 schools through the initiative and another 2,128 students at seven schools through a free-semester program. The insurer has also provided financial education to 14,674 military personnel across 141 units.
Overseas, Hanwha Life launched a similar initiative in Ho Chi Minh, Vietnam, last year, training university students to provide financial education to young people, women and other financially vulnerable groups.
"Drawing on our domestic experience, we will help Indonesian youth build sound financial knowledge and economic independence," a Hanwha Life official said, adding that the company would work with local governments and educational institutions to develop a sustainable education model.
The initiative comes as Hanwha Life, under Vice Chairman Kim Dong-won, expands its presence in overseas financial markets. Last year, the insurer acquired a stake in Indonesia's Nobu Bank, becoming the first South Korean insurer to enter the overseas banking sector.
jyoungseon8@heraldcorp.com