From Traditional Gye to Social Finance in Korea (Part 2)
In the previous article, I explored gye, one of Korea’s traditional community-based practices. In the past, when ordinary people had limited access to formal financial institutions, gye functioned as a form of financial community. In my view, this tradition has evolved into what we now call social finance. 👉Reread Part 1 Korea’s Traditional Community Finance “Gye”: Its Expansion into Social Finance (Part 1) In this article, I will examine how Korea’s traditional gye culture has connected to modern social finance, and how this transition has taken place. Funding is always essential for running a business. For small-scale social impact organizations, social finance helps enhance sustainability and expand the ecosystem.(Photo by Milly) What is Social Finance? So, what exactly does “social finance” mean in the Korean context? Social finance refers to financial activities that go beyond generating profit and instead aim to solve social ...