Fiji government officials pose during their visit to South Korea for a training session on Oct. 31. They will take part in a nine-day training session at the KFCC training center in Cheonan, some 85 kilometers south of Seoul. Photo courtesy of KFCC

Korean entity strives to export co-op financial model

The Korean Federation of Community Credit Cooperatives (KFCC) announced on Nov. 11 that the entity had visited Fiji bureaucrats to offer training on co-op financial models.

A total of nine officials from three Fiji ministries took part in the nine-day educational session, which started on Oct. 31 and will continue through Nov. 8.

In particular, the KFCC plans to share its growth history and know-how of dealing with various financial tasks. They will also visit KFCC branches.

Beginning in 2016, the KFCC has carried out the global initiative of spreading its inclusive finance model to developing countries.

As a result, a total of 56 branches have been established in three countries of Myanmar, Uganda, and Laos, mostly in their backwater rural areas.

The KFCC also helped its Myanmar and Uganda operations establish central organizations, which are supposed to head regional branches.

Fiji is expected to be the fourth country for the KFCC to tap into. Toward that end, the KFCC held a workshop in Jiji in September. Last month, Fiji’s Minister for Rural, Maritime Development and Disaster Management Inia Seruiratu visited Seoul.

Among the nine Fiji officials visiting Korea are task force members, who are preparing to launch the co-op financial models in the Pacific country together with the KFCC.

The KFCC expected that they would play a pivotal role in the procedures.

“We will realize our goal of going global as a part of our ESG management principle,” KFCC Supervising Director Hwang Kook-hyun said in a welcome speech.

Short for Environmental, Social, and corporate Governance, ESG refers to the three central factors in measuring the sustainability of a corporation or business.

The KFCC represents up to 1,300 financial cooperatives in South Korea.