Fijian officials participate in the online education session held by the Korean Federation of Community Credit Cooperatives (KFCC). Photo courtesy of KFCC

Korean entity spreads best practices to developing countries

The Korean Federation of Community Credit Cooperatives (KFCC) announced on Nov. 26 that the outfit had held five-day online sessions to share its know-how and best practices with Fiji.

The primary apex organization for Korea’s cooperative banking segment carried out the educational event with bureaucrats of Fiji, which strives to set up its own apex organization.

Fijian officials took part in online education from Nov. 22 through Nov. 26 at two facilities designated by the country.

This is not the first time for the KFCC to offer helps to the developing countries under the partnership with the state-run Korea International Cooperation Agency.

The KFCC helped residents of such countries as Myanmar, Uganda, and Laos establish up to 53 community credit cooperatives so that more than 10,000 people take advantage of financial services.

The cooperatives also encourage people to increase their revenues and offer helping hands to underprivileged neighbors, according to the KFCC.

“After Myanmar, Uganda, and Laos, we hope that Fiji will also be able to deal with the COVID-19 crisis through the inclusive financial model of the KFCC,” a KFCC official said.

“We expect that the Fijian community credit cooperatives will become the iconic financial outfit of the country.”

The KFCC is currently spearheaded by Chairman Park Cha-hoon to represent around 1,300 financial cooperatives in Korea. Its customer base surpasses 20 million people. Its total assets have doubled over the past decade to approach $200 billion.