KFCC Chairman Park Cha-hoon welcomes Cambodian officials, who take part in an online educational session. Photo courtesy of KFCC

Korean outfit will share best practices of regional development

The Korean Federation of Community Credit Cooperatives (KFCC) announced on Aug. 2 that the entity had started offering online education to Cambodian bureaucrats through early next week.

A total of 20 Cambodian officials from the country’s Ministry of Rural Development are attending the sessions, which are scheduled between Aug. 1 and Aug. 9.

The KFCC plans to share its best practices for building sustainable models of developing rural economies and improving women’s economic status.

Cambodia is trying to accept and spread the KFCC financial model this year through cooperation with Korea’s state-run agency, the KOICA.

Over the past several years, the KFCC tapped into three countries of Myanmar, Uganda, and Laos to set up a total of 53 regional branches with more than 12,000 members.

Cambodia is expected to be another country to brace for the KFCC system geared toward helping members enjoy financial services and sustainable development.

The KFCC said that it had given virtual education because of the virus pandemic. But it noted that video clips and real-time interactions would be employed to increase efficiency.

“Based on our experiences in other developing economies, we hope that our model will be able to provide momentum for Cambodia to fight poverty and attain sustainable development,” KFCC Chairman Park Cha-hoon said.

“The global activities are one of the four pillars of our ESG management. We will seek the goal by spreading the inclusive financial models to other countries.”

Short for Environmental, Social, and corporate Governance, ESG refers to three central factors in improving the sustainability of an organization of the business.

A mounting number of outfits have adopted the initiative of late, both at home and abroad.

KFCC is Korea’s largest apex organization for the cooperative banking sector.