Korea Securities Finance Foundation signs MOU with military division, donates W10m for Chuseok

The Korea Securities Finance Kkumnanum Foundation signed an MOU with the Capital Mechanized Infantry Division on Tuesday in Gapyeong, Gyeonggi Province, to support financial and economic education and morale-boosting activities for military personnel, the foundation announced Wednesday.

Under the agreement, the foundation will provide financial and economic education programs and morale support for soldiers and civilian military employees.

Alongside the MOU signing, the foundation presented a 10 million won ($7,350) gift to encourage troops in celebration of the Chuseok holiday.

The funds will be used to boost morale and improve the welfare and daily lives of service members.

"Military service is an important period when soldiers first manage their own pay and experience economic activity on their own," foundation Chairman Kim Jeong-gak said. "We will provide systematic financial education so that service members can develop sound financial habits and maintain healthy economic activity throughout their military service."

Korea Securities Finance is the country's only dedicated securities finance company, established in 1955 to support the securities industry. It provides loans to financial investment firms using securities as collateral and manages investor deposit funds.

The Kkumnanum Foundation is a nonprofit public-interest organization established in November 2013 with funding from Korea Securities Finance. It runs the "Hope Dream" scholarship program — the foundation's flagship initiative — along with a range of social welfare projects.