Hana Financial Group CEO Ham Young-joo (left) and Health and Welfare Minister Cho Kyoo-hong pose after the signing ceremony for the "365 day care centers" project at a Hana-run daycare center in Seocho-gu, southern Seoul, Wednesday. (Hana Financial Group)

Hana Financial Group announced Thursday it will launch a five-year project, Hana-run day care centers, that are open 365 days, even 24 hours a day, with the aim of reversing South Korea’s continually falling birth rate.

This new project is a part of the program, Hana Life Journey Support, which strives to alleviate the struggles shared by families going through life-changing events such as marriage, childbirth and aging.

Aiming to tackle the nation’s record-low birth rate, Hana has forged a partnership with the Ministry of Health and Welfare, signing a memorandum of understanding on Wednesday.

With a 20 billion won ($14.92 million) subsidy from the ministry, the financial giant will open 40 day care centers that provide care and classes even on weekends and holidays from 9am to 6pm.

Reflecting the different needs of young working parents, Hana will strive to provide day care services all over the country, the company said.

The group will also launch 10 “365 day care centers” that are open 24 hours a day for parents working night shifts, such as police officers, firefighters, nurses and the self-employed.

Once reviewed by the relevant local government, public day care centers that are willing to provide 24-hour child care can receive funding from Hana Bank for five years.

“The day care center project is an important step forward toward achieving work-family balance,” said Health and Welfare Minister Cho Kyoo-hong during the ceremony. “This contract is expected to be an excellent example of private companies making up for public policies.”

“With our partner, Hana will lead to Korea being one of the best countries to raise a child,” said Hana Financial Group CEO Ham Young-joo.