Korean Federation of Community Credit Cooperatives (KFCC) Supervising Director Hwang Kook-hyun speaks during a financial seminar for inclusive financial services on the global scene in Seoul on April 22. The Korean Association for Policy Development held the event timed with its 10th anniversary. Photo courtesy of KFCC

Korean financial outfit tapped into multiple foreign countries

The Korean Federation of Community Credit Cooperatives (KFCC) has shared its experiences of making inroads into foreign companies at a financial conference in Seoul on April 22.

To seek global win-win developments in the financial area, the Korean Association for Policy Development (KAPD) held the event in time with the 10th anniversary of its launch.

The KFCC demonstrated its best practices of having waded into developing countries in Asia and Africa and offered financial services to rural residents there.

South Korea’s leading apex organization tapped into Myanmar, Uganda, and Laos over the past few years. It also has operated in Fiji.

Currently, the KFCC has set up 53 branches in the above-mentioned countries to maintain more than 12,000 members.

On top of providing financial services, the KFCC branches have worked on various social programs regarding income growth, quarantine, and food assistance.

“In order to achieve digital transformation in developing countries through the introduction of information and telecom technologies, we need to join Korea’s development financing projects,” KFCC Supervising Director Hwang Kook-hyun said.  

“Toward that end, we plan to consult with related organizations, including the KAPD and government agencies.”

Headed by Chairman Park Cha-hoon, the KFCC has a customer base of more than 20 million in South Korea while representing up to 1,300 financial cooperatives across the country.