Participants in the KFCC workshop pose in Phnom Penh in April. They shared the grassroots financial model of the KFCC. Photo courtesy of KFCC

Korean outfit set to share grassroots financial model overseas

The Korean Federation of Community Credit Cooperatives (KFCC) announced on May 4 that the entity had started tapping into Cambodia to share the grassroots financial model.

Toward that end, the KFCC held a workshop to introduce its inclusive co-op financial model at Phnom Penh, the capital of the Southeast Asian country.

The KFCC joined hands with the Korea International Cooperation Agency, the state-run organization in Seoul geared toward offering helping hands to developing countries.

Cambodia marks the fifth country where the KFCC is providing its financial model, following Myanmar, Uganda, Laos, and Fiji.

Lay Viraboth, deputy director general of Cambodia’s Rural Economic Development, asked for proactive activities of the South Korean team.

“The KFCC model is in line with our rural strategies of trying to reduce poverty and boost economic growth,” she said in an opening speech of the workshop.

“Our bureaucrats in related ministries are required to vehemently take part so that we will be able to come up with proper action plans down the road.”

The KFCC noted that the outfit would continue to strengthen its efforts to go global.

“Our overseas projects are mostly associated with educational programs, including financial education and promotion of savings,” a KFCC official said.

“Our goal is to make a virtuous circle where rural residents in developing nations can create capital through savings so as to lend funds to local businesses. Then, interests and dividends will be new sources of revenues for the people, who have thus far failed to access financial services.”

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