Hana Bank and HDC Hyundai Development have formed a new strategic partnership to transform the future of senior housing in South Korea, announcing on July 23 that they have signed a Memorandum of Understanding (MOU) aimed at invigorating the “Wellness Residence” business and providing tailored asset management services for residents.

This MOU seeks to establish a private sector collaboration model that combines the financial expertise of Hana Financial Group with HDC Hyundai Development’s experience in residential projects. The partnership was shaped in response to Korea’s sharp increase in senior housing demands due to the nation’s entry into a super-aged society.

Under the agreement, the two companies will work together in several areas: delivering customized financial services such as asset management, taxation, and inheritance support; developing financial and non-financial programs specifically for senior-focused residential spaces; implementing trust-based systems to securely manage residents’ deposits; and offering various benefits through Hana Bank and its affiliates.

Particularly noteworthy is the fact that this partnership marks the first time a bank in Korea has become a strategic financial partner in a private sector rental model for wellness residences. The initiative is expected to enhance the stability of senior housing by going beyond conventional financial services to include secure management of residents’ deposits and retirement assets.

The inaugural project set for this collaboration is the ‘Seoul One Wellness Residence’ currently being developed in the Gwangwoon University Station district of Seoul’s Nowon-gu. This location is regarded as optimal for the “Aging In Place” trend, thanks to its dense cluster of transportation, medical, cultural, and commercial infrastructure.

Ho Seong Lee, President and CEO of Hana Bank, commented, “We have chosen to partner with HDC Hyundai Development to help seniors design their second act through finance and support comprehensive life care. As a companion for the future of the senior generation, we will do our utmost as a bank.”

Meanwhile, Hana Financial Group last year launched its senior-focused brand ‘Hana The Next’, providing a comprehensive suite of life care services ranging from retirement planning, inheritance, gifting, health management, to well-aging and dignified end-of-life care.

Note “This article was translated from the original Korean version using AI assistance, and subsequently edited by a native-speaking journalist.”

Photo=Hana Bank, HDC Hyundai Development