South Korea’s top conglomerate Samsung Group on Tuesday signed an agreement with NH Nonghyup Bank on fostering digital talent and improving competitiveness of youth employment.

According to Samsung Group, NH Nonghyup Bank is the latest to join the Samsung Software Academy for Youth (SSAFY), a program run by Samsung Group to foster the domestic software ecosystem and enhance the employment competitiveness of young people.

Four major banks Shinhan, KB Kookmin, Hana, and Woori had joined in June.

Under agreements, the financial firms have contributed 500 million won ($377,177) each to create a fund worth 2.5 billion won.

This fund will be used to enhance the employment competitiveness of SSAFY trainees. With the banks stepping in to support SSAFY, trainees will receive extensive financial sector-specific training and job placement support. For banks, this opens up avenues for acquiring talented SW talent.

In the upcoming second semester, SSAFY will collaborate with the banks to conduct a basic fintech SW project.

Bank employees will serve as mentors, sharing their insights into SW development with trainees.

“I hope this agreement will serve as a model case of collaboration between companies to address social challenges,” said Lee Seok-yong, president of NH Nonghyup Bank. “NH NongHyup Bank will continue to collaborate with SSAFY to enhance youth employment competitiveness and contribute to job creation.”

SSAFY will create a financial specialty pavilion at job fairs to help trainees find jobs at financial institutions by providing mock interviews and employment counseling.

The percentage of SSAFY trainees employed in financial institutions has been gradually increasing. While the first graduating class saw 33 students employed in financial institutions, the seventh class had 153 students.

The SSAFY program is provided free of charge, and Samsung Group provides a monthly education support allowance of 1 million won to trainees. Since its inception in late 2018, SSAFY has nurtured over 4,000 SW developers.

By Lee Sae-ha and Yoon Yeon-hae

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