Korean Federation of Community Credit Cooperatives (KFCC) Vice President Hwang Kook-hyun holds a video conference with European Association of Cooperative Banks CEO Nina Schindler at the KFCC office in southern Seoul on Feb. 25. The two discussed how to collaborate. Photo courtesy of KFCC

Agendas include digital financial technology, eco-friendly biz

The Korean Federation of Community Credit Cooperatives (KFCC) seeks to beef up its partnership with its European counterpart _ the European Association of Cooperative Banks (EACB).

The KFCC, the leading apex organization for Korea’s cooperative banking sector, said on Feb. 26 that it held a video conference with the EACB to discuss how to collaborate.

EACB CEO Nina Schindler talked with KFCC Vice President Hwang Kook-hyun about sharing the best practices of the two organizations in Europe and South Korea.

In particular, they agreed to join forces in enhancing service quality for financial customers through digital technology and expanding eco-friendly businesses.

Such efforts are in line with Korea’s Green New Deal project designed to strengthen the social safety net and boost the economy in environmentally friendly ways.

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

The KFCC achieved unprecedented feats last year when its total asset surpassed 200 trillion won ($180 billion). Ever since the outfit reached the 100 trillion won plateau in 2012, it took eight years for the KFCC to double its asset to 200 trillion won.

Founded in 1970, the EACB has cooperative banks located in 22 countries, which include thousands of small, regional, and large member banks in Europe.

CEO Schindler, formerly managing director at Deutsche Bank, took charge of the EACB late last year.

The KFCC gained the membership of the EACB last year.