KFCC Chairman Park Cha-hoon, left, offers presents to FSCT Vice FSCT Vice President Sueur Makdoung, who leads some 20-member delegates for a leadership exchange program at the KFCC office in Seoul on Oct. 20. Photo courtesy of KFCC

Members of two co-op financial organizations meet for first time in 3 years

The Korean Federation of Community Credit Cooperatives (KFCC) announced on Oct. 20 that members of its Thai counterpart organization visited the former for the leadership exchange program.

Some 20 delegates from the Federation of Savings and Credit Cooperatives (FSCT) flew to Seoul to have face-to-face meetings for the first time in three years.

FSCT Vice President Sueur Makdoung and the delegate’s leader Rangsan Pitipunya are heading them.

The virus pandemic prompted the two global partners to have online exchange programs for the past two years.

During the 2022 program, which will continue from Oct. 17 through Oct. 24, FSCT delegates will visit the factories of Korea Aerospace Industries and Hyundai Heavy Industries.

The former is South Korea’s top manufacturer of fighters as a leader in the aerospace industry, and the latter is the world’s largest shipyard.

During the on-site visits, the FSCT members will be able to have opportunities to better understand the aerospace and shipbuilding businesses, according to the KFCC.

They will also pay a visit to the KFCC branch in Jeju, a scenic resort island located in the southernmost part of the country, to learn the know-how of corporate social responsibility activities.

“As this year’s face-to-face exchange program takes place after overcoming the ACOVID-19, the event hopefully offers momentum to strengthen the cooperation of the two outfits to the next level,” KFCC Chairman Park Cha-hoon said.

Representing about 1,300 financial cooperatives in South Korea, the KFCC is the primary apex organization of the country’s cooperative banking sector.

The FSCT is an umbrella entity of SACCO, which has a total of 1,099 member cooperatives in Thailand with a total asset of more than 100 billion won ($70 billion).

The KFCC and the FSCT signed a mutual partnership in 1993 and thereafter have maintained close collaboration over the past three decades.