Participants of KFCC educational sessions pump their fists at the Lao-Korea Rural Development Training Center in Vientiane Province. Photo courtesy of KFCC

Korean financial co-op outfit offers training in Southeast Asian country

The Korean Federation of Community Credit Cooperatives (KFCC) announced on Sept. 14 that it had offered financial training to residents of Laos last week.

During the five-day sessions, the KFCC shared its know-how on grassroots financial models so that Laotian people would be able to benchmark its best practices.

Included in the participants of the event were Laotian government officials and village residents.

It took place at the Lao-Korea Rural Development Training Center in Vientiane Province. Founded in 2016, the center has offered education to thousands of people there.

“The KFCC model breathes fresh hope to folks in Laos, particularly those in the Phonhong areas,” a senior official of the center said in a ceremony of starting the training sessions.

“Based on the KFCC way, we are required to take the lead to tackle difficulties and spearhead the development of our villages down the road.”

The KFCC said that the training was geared toward strengthening the capabilities of its Laotian branches and spreading success cases in the Southeast Asian country.

The KFCC made inroads into Laos in 2019 in a full-fledged manner. Thereafter, it built three branches in Laos (See the Korea News Plus article published on April 11 this year).

Representing up to 1,300 financial cooperatives in South Korea, the KFCC is the leading apex organization for the country’s cooperative banking sector.

The outfit has proactively tapped into emerging economies over the past several years in line with its ESG management principles of seeking globalization.

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

It has become a buzzword in the business world of late, both at home and abroad.