Hana Financial to Expand Role in Biodiversity Initiative for Sustainable Financial Development

Hana Financial Group announced on June 1 that it signed a business agreement with Mirae Asset Securities to cooperate in the token securities and Web 3.0 business. Hana Chairman Ham Young-joo poses for a photo with Mirae Asset Securities Chairman Choi Hyun-man after signing the agreement. (Photo: Hana Financial Group)

Hana Financial Group announced on June 8 that it has joined the Taskforce on Nature-related Financial Disclosures (TNFD) and the Partnership for Biodiversity Accounting Financials (PBAF), two global ESG initiatives related to biodiversity, to promote the development of sustainable finance in the Asia-Pacific region.

The TNFD is a global environmental organization working to prevent the destruction of nature and restore ecosystems. It also provides companies with standards for disclosing nature-related financial information.

The PBAF was established to measure the impacts of financial institutions' loans and investments on biodiversity.

Through its participation in the TNFD, Hana Financial Group will identify the financial industry’s impacts on nature and establish and disclose strategies and targets to reduce risk factors, and will quantitatively manage the financial impacts of natural capital through the application of the PBAF's biodiversity-related accounting standards.

“This year, we will actively participate in the biodiversity sector growing in importance due to issues such as the pandemic and resource depletion,” said Ham Young-joo, Chairman of Hana Financial Group.

“We will sincerely fulfill our environmental and social responsibilities by expanding financial investments in the biodiversity conservation sector which has huge growth potential.”

In May, Hana Financial Group Chairman Ham Young-joo took part as a keynote speaker in the Asia-Pacific Roundtable of the United Nations Environmental Program Finance Initiative held for the first time in Korea.

In the event, Ham declared that Hana would take the lead in expanding biodiversity investments for sustainable finance in the Asia-Pacific region.

Based on its ESG vision, “Big Step for Tomorrow,” Hana Financial Group is focusing on practicing ESG management by upgrading its ESG financial management system, expanding social impacts, and strengthening its capacity to respond to climate change.

In the meantime, Hana Financial Group announced on June 1 that it has signed a business agreement on cooperation in the token securities and web 3.0 business with Mirae Asset Securities.

Hana Financial Group inked the business agreement in order to participate in the Next Finance Initiative (NFI), a token securities consortium with Mirae Asset Securities.

Through the agreement, the financial group will expand a token securities ecosystem in earnest and create an innovative financial paradigm for future finance.

“We are pleased to partner with Mirae Asset Securities, which has industry-leading competitiveness, infrastructure, and experience in the token securities market,” said Ham Young-joo, Chairman of Hana Financial Group.

“Through a solid partnership, we will actively utilize opportunities for change and lead future digital financial innovation to provide new value and novel experiences to financial consumers.”

Hana Bank, a major affiliate of Hana Financial Group, will actively collaborate with Mirae Asset Securities to jointly respond to changes in regulations and the market environment and create an ecosystem.

Hana Securities will directly cooperate with Mirae Asset Securities in the issuance, distribution, procurement, and infrastructure construction of token securities.

Since the Mainnet (blockchain network) for the token securities business requires multiple financial institutions to participate as nodes (network connection points), the cooperation between Hana Financial Group and Mirae Asset Securities is expected to create new markets and customer value by exerting synergies not only in business but in building token securities infrastructure.

In addition, SK Telecom, a large wireless carrier in Korea, is also participating in the Next Finance Initiative (NFI) Consortium, creating the most influential cooperation system for groups representing various industries in Korea to build token securities and blockchain infrastructure and lead future digital financial innovation such as the Web 3.0 business.

Through participation in the NFI Consortium, Hana Financial Group and Mirae Asset Securities will team up in issuing high-quality token securities, discovering innovative services through the proper utilization of blockchain and making suggestions on establishing an investor protection system.