Hana Financial Group is expanding its project to help youth startups nationwide, as it has signed the first regional partnership with the Korea National University of Cultural Heritage, the group said Sunday.

According to the group, the two sides signed a memorandum of understanding at the KNUCH in Buyeo, South Chungcheong Province on Friday. They agreed to provide support for startup ideas related to traditional culture, co-create educational content and offer hands-on experiences for local college students and young people.

The project, named “Hana Social Venture University,” is focused on supporting youth startups, Hana Financial Group said. The firm added that it will sign more partnerships with universities across the country and contribute to revitalizing local economies by setting up a startup ecosystem in each region.

Starting with its partnership with the KNUCH, Hana Financial Group plans to sign additional MOUs with local universities in 10 regions including Gyeongsang, Jeolla, Gangwon Provinces and Seoul before the end of the first half.

“As young people are concentrated in the capital area due to a lack of jobs recently, the disappearance of local populations (in regions outside the capital) is emerging as a new social problem,” said Hana Financial Group Chairman Ham Young-joo.

“Through this program that fosters local youth startup entrepreneurs, Hana Financial Group will take the lead in passing down local traditional culture and revitalizing the local economy by creating various jobs,” he added.