MYSC (B-Lab Korea)
More and more Korean companies have begun to collaborate with partners from diverse sectors to make bigger impacts.
MYSC, an impact consulting and investing firm in South Korea, has designed several collective impact projects. Recently, MYSC helped AIA Korea, a life insurance company, launch a program ‘AIA Open Innovation’, in which AIA Korea worked with social ventures in the fields of health and fintech.
This worked for both sides. For example, one social venture developed a chatbot-based system to recommend healthy diets for AIA customers. AIA Korea was happy because their customers received benefits while the social venture was happy because they could reach a large customer base of AIA Korea.
MYSC also worked with Hana Financial Group, one of the largest bank-holding companies in South Korea, to launch collective impact projects for less privileged people. One example was the Hana Power-on Challenge, which aims to create job opportunities for unemployed designers. Another project, the Hana Power-on Impact, worked with social ventures to provide job opportunities for individuals with developmental disabilities.
For more details see: “Korea’s New Integrated Business Strategy”
© Hyun Shin, Hanyang University