Participants of the European Association of Cooperative Banks meeting discuss ways to improve the cooperative financial model at the Rabobank office in the Netherlands this month. Photo courtesy of KFCC

Korean outfit takes part in EACB meeting

The Korean Federation of Community Credit Cooperatives (KFCC) announced on June 16 that it had taken part in the meeting of the European Association of Cooperative Banks (EACB) in the Netherlands last week.

The KFCC said that participants of the gathering discussed such issues as ways to diversify the financial markets and promote cooperative financial models.

Also included in the topics were many hot-button issues in the global banking sectors, like central bank digital currencies and anti-money laundering.

KFCC official Kim Sung-ho, who takes charge of the entity’s global cooperation, introduced Korea’s grassroots financial models and its recent international conference to draw big attention.

Through the convention, the KFCC and EACB members agreed to beef up collaboration by sharing best practices.

Established in 1970, the EACB is the leading trade association in the co-op banking sector. It has 27 member institutions and banks situated in 22 countries.

The KFCC gained membership in the EACB in 2020.

Led by Chairman Park Cha-hoon, the KFCC represents up to 1,300 financial cooperatives across Korea with a customer base of bigger than 20 million people.

As of the end of last year, KFCC’s total assets amounted to 284 trillion won ($220 billion). It doubled its total asset to 200 trillion won ($160 billion) in less than a decade between 2012 and 2020.

Based on domestic success, Korea’s leading apex organization has worked on overseas projects. For example, it has tapped into a host of countries like Uganda, Laos, Cambodia, and Fiji.