KB Life CEO joins campaign against illegal lending

KB Life Insurance's chief executive officer, Jeong Mun-cheol, has become an active participant in a nationwide initiative against unlawful private lending. The company announced this on Wednesday. The campaign, "Finance That Saves Lives," was initiated in July by the Korea Inclusive Finance Agency. This nationwide effort unites financial entities, government bodies, and local administrations.

It operates on a relay system, where each participant conveys a message advocating for inclusive finance and then designates the next individual to carry the message.

The campaign supports the objectives of the Lee Jae Myung administration's inclusive finance strategy. This strategy focuses on enhancing access to financial services, alleviating the pressures on borrowers who have fallen behind on payments, and exerting pressure on illegal lending activities. Jeong was selected to participate in the campaign by the CEO of KB Kookmin Bank, Lee Hwan-ju, on September 28.

In a photo accompanying the campaign announcement, Jeong is seen holding a sign that reads, "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 subsequent participant. Jeong expressed his strong commitment to the cause.