KB Life CEO joins campaign against illegal lending

KB Life Insurance CEO Jeong Mun-cheol has joined a nationwide initiative to combat illegal private lending, aiming to protect financially vulnerable individuals and promote financial inclusion, according to the insurer. The "Finance That Saves Lives" campaign, launched in July by the Korea Inclusive Finance Agency, involves financial institutions, government agencies, and local governments.

Participants in the initiative take turns sharing a message to raise public awareness of inclusive finance and nominate the next person to carry forward the message. The campaign reflects the Lee Jae Myung administration's efforts to promote inclusive finance, which focuses on enhancing access to financial services, alleviating the burden on delinquent borrowers, and combating illegal lending.

Jeong was nominated by KB Kookmin Bank CEO Lee Hwan-ju on September 28. In a campaign photo, he held a sign that read, "Finance that saves lives will protect people from being driven into illegal lending," before nominating Kim Chul-ju, the chairman of the Korea Life Insurance Association, as the next participant. Jeong expressed his strong commitment to the cause.