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Shinhan BNPP uses big data to help virus-hit Daegu

Shinhan BNP Paribas Asset Management Company (Shinhan BNPP AMC) has been using big data analysis to support restaurants and needy children in Daegu, the region which is the epicenter of COVID-19 in Korea, the company said Monday.

According to the joint venture between Shinhan Financial Group and BNP Paribas Asset Management Company, data collected by Shinhan Card was used to figure out which types of restaurants suffered most from the epidemic.

The data showed western-style, Japanese and seafood restaurants suffered the steepest decline in sales as most of them did not offer delivery services.

It also showed sales of restaurants in Daegu and the neighboring North Gyeongsang Province dropped 63 percent and 60 percent respectively after the coronavirus outbreak ― the largest declines in sales among restaurants nationwide.

To help the virus-hit restaurants, Shinhan BNPP AMC donated 30 million won ($25,000) to the KBIZ SME Love Sharing Foundation.

The money will be used for restaurants in Daegu to make lunchboxes for 1,000 children who are at risk of missing meals due to the massive shutdown of childcare centers in the city.

The company will also launch the Global Sustainable ESG Fund by the end of March as part of its long-term relief efforts, based on the Shinhan Financial Group's slogan of "Compassionate Finance, Your Companion for the Future."

For sustainable and long-term support, 10 percent of the fund's management fee will be donated to the KBIZ SME Love Sharing Foundation's support program for small business owners.

Shinhan BNPP AMC expects it will provide opportunities for the fund subscribers to collect their returns, while making contributions to society.

"Our relief program can be differentiated from the others as it supports both restaurants and needy children," Shinhan BNPP AMC Deputy President Yu Sung-hun said. "Although the amount we donated may seem smaller than the others, we worked hard to design the relief program, to ensure it was helpful."

Since 2005, the company has also conducted a variety of social contribution activities, such as financial education for men of national merits and art camps for children.