Park Young-kyu, second from left in the front row, the Korean ambassador in Fiji, poses with Fiji government officials after a workshop in Suva last week. Photo courtesy of KFCC

Korean outfit set to export grassroots co-op financial models

The Korean Federation of Community Credit Cooperatives (KFCC) announced on Sept. 16 that it had held a workshop in Fiji last week to prepare for the establishment of its branch there.

The island country in the Pacific would be the fourth country for the KFCC to share its co-op financial models, following Myanmar, Laos, and Uganda.

Fiji government officials, including those from the Ministry of Rural and Maritime Development and Disaster Management, took part in the meeting in the country’s capital city Suva.

Participants discussed the inclusive financial models of Korea so that they would be able to share best practices and prepare for actual projects.

Park Young-kyu, the Korean ambassador in Fiji, expressed his hopes for benchmarking Korea’s grassroots financial models.

“This workshop would mark the first step to set up a co-op financial outfit in Fiji. The foundation of KFCC’s Fiji branch will hopefully secure sustainable development and financial inclusiveness for people here,” Park said.

A KFCC official said that the entity would continue its global efforts by tapping into other emerging economies like those in South America.

He said that such initiatives were in tandem with the KFCC’s “going-global campaign” as a part of its ESG management principles.

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

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

It has won the attention of business leaders of late across the globe.