Several private initiatives from SK Group and Impact Finance Korea have launched in South Korea in the past year to kickstart more proactive social investing.
Now the government plans to launch a 300 billion won ($275.9 million) fund aimed at social enterprises and socially-focused cooperatives. South Korea’s Financial Services Commission wants to raise a third of the capital for the five-year fund by the end of 2018.
One of its funding sources will be dormant bank accounts. Japan launched a similar initiative last year.