Hanwha Life expands youth financial literacy in Indonesia
South Korean insurer Hanwha Life launched a financial education programme in Bandung, Indonesia, with Save the Children, reaching 700 participants since its June start.
Indonesia Programme Launched
Hanwha Life Insurance has initiated a financial literacy programme for young people in Bandung, Indonesia. The South Korean insurer partnered with Save the Children to address growing digital finance risks. Since its launch in June, the initiative has educated approximately 700 individuals, including 600 young people.
The curriculum focuses on protection against online scams, illegal lending, and gambling. It employs a peer-education model, where high school students teach their peers, supported by mentors from Bandung Institute of Technology and trained teachers.
Further Engagement and Expansion
Hanwha Life plans further engagement in Indonesia. This includes a financial education module at the Indonesian government's BFN Fest next month. In January, 20 university mentors from the programme will travel to Korea for additional training. This Indonesian initiative follows a similar programme launched in Ho Chi Minh, Vietnam, last year.
The Vietnamese effort trained university students to deliver financial education to young people, women, and other financially vulnerable groups.
Strategic Overseas Footprint
The Indonesian programme aligns with Hanwha Life's broader strategy. The company aims to expand its presence in overseas financial markets. Under Vice Chairman Kim Dong-won, the company made a significant move last year. It acquired a stake in Indonesia's Nobu Bank. This marked Hanwha Life as the first South Korean insurer to enter the overseas banking sector.
A Hanwha Life official stated the company aims to help Indonesian youth build sound financial knowledge and economic independence. This involves collaborating with local governments.
Hanwha Life draws on extensive domestic experience. It has run its Economics Classroom initiative since 2015. This South Korean programme, part of the Financial Supervisory Service's "One Company, One School" scheme, has reached 117,652 students across 1,002 schools. This year alone, it educated 7,254 students at 72 schools.
An additional 2,128 students at seven schools received education through a free-semester programme. This strategic expansion into Indonesia shows South Korean insurers increasing their direct engagement in Southeast Asian markets. This could lead to more localised product offerings and partnerships in wealth management and payments.
This article is journalism, not investment advice; consult a licensed professional before making financial decisions. Market data is indicative, may be delayed, and should be verified with your broker or exchange before use.
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