Seven South Korean financial institutions will contribute a combined 800 billion won, or approximately $598.1 million, to microfinance programs for low-income households and borrowers excluded from conventional bank lending. Samsung Life Insurance will provide 200 billion won, while NH Nonghyup Financial Group, Shinhan Bank, Woori Bank, KB Kookmin Bank, Hana Bank and Industrial Bank of Korea will each contribute 100 billion won. Within its contribution, NH Financial Group will establish the NH Smile Microfinance Foundation after signing an agreement with the Korea Inclusive Finance Agency. NH Bank will contribute 50 billion won, NH Investment & Securities 40 billion won, NH Capital 3.4 billion won, and NH Life Insurance and NH Non-Life Insurance 3.3 billion won each. The foundation expects to complete incorporation procedures as early as November and begin lending to financially vulnerable rural residents next year, initially through eight regional branches. It is also developing financing for people returning to farming and young farmers, including startup and operating funds with repayment schedules aligned with harvest seasons.