Woori Financial Group headquarters in Seoul / Courtesy of Woori Financial Group

The Woori Multicultural Scholarship Foundation, operated by Woori Financial Group, announced that it is recruiting scholarship recipients for 2024.

Established to support the settlement of multicultural families in Korean society, the foundation is the first of its kind in the financial industry.

It has been offering scholarships to support academic advancement and talent development of children from multicultural families since 2012. A total of 5,869 recipients have benefited from the scholarships that have totaled 6.5 billion won ($4.85 million) so far.

The foundation announced that the number of scholarship recipients will increase to 800 this year from 600. In addition, undocumented immigrant children and those who have returned to their home countries will be included as beneficiaries.

Those selected as recipients will get not only the scholarship but also access to diverse programs such as career exploration, consulting services for studying and exchange activities among students.

Those interested should submit applications through the foundation website by April 9, and anyone from a multicultural family enrolled in elementary, middle or high school or college is eligible. The final selected recipients will be announced in May after document screening.

"We have been working for improved awareness on multicultural families and for their successful adaptation in the country. We will continue our support so that the future generation of multicultural families can successfully establish themselves here as the backbone of our society through academics and skill development," an official at the scholarship foundation said.