Shown above is a part of the online education system developed by the Korean Federation of Community Credit Cooperatives (KFCC) for sharing its expertise on cooperative banking services with global audiences. Photo courtesy of KFCC

Korean outfit has developed online education programs for global audiences

As the world struggles to deal with the lingering threats of the virus pandemic, most people could not benefit from the traditional face-to-face education programs.

That has been especially the case to less developed countries over the past two years after the novel coronavirus forced social distancing.

The Korean Federation of Community Credit Cooperatives (KFCC) said on Oct. 7 that the outfit tries to change the situation by offering online education to overseas audiences.

The top apex organization for Korea’s cooperative banking sector specifically focuses on sharing expertise on cooperative banking services with other countries.

The programs are composed of theoretical education and virtual visits to KFCC’s branches for practical training, according to the KFCC.

Thus far, the KFCC has strived to provide its know-how over the cooperative banking system to such developing countries as Myanmar, Laos, and Uganda.

Toward that end, the KFCC has joined hands with the Korea International Cooperation Agency, Korea’s state-run agency designed to offer official development assistance to foreign countries.

For example, the entity started financial education in Uganda late last month to cover more than 100 rural villages in the African country.

But such offline sessions had limited access because of the COVID-19 and other restraints, which are the reasons why the KFCC came up with the online programs.

“Despite the prolonged virus pandemic, we will try to help foreign cooperative banking sectors strengthen their capacity on the back of our online education system,” a KFCC official said.

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

Watchers said that Korean financial firms’ advancing into developing countries would be a win-win solution.

“Our financial firms are required to tap into other countries in a more proactive way. And there are so many developing economies, which want expertise in the financial sector,” Prof. Seo Yong-gu at Sookmyung Women’s University said.