Korean Federation of Community Credit Cooperatives (KFCC) Chairman Park Cha-hoon, center, presides over the outfit’s annual strategy conference at its head office in southern Seoul on Feb. 8. Photo courtesy of KFCC

Korea’s representative financial cooperative strives to help overcome economic crisis

The Korean Federation of Community Credit Cooperatives (KFCC) vies to forge a win-win partnership with regional societies at a time when the country suffers from the aftermaths of the virus outbreak.

The KFCC, which is headed by Chairman Park Cha-hoon, recently held a conference at its head office in southern Seoul to come up with this year’s goals and strategies.

Stressing the KFCC is a grassroot financial cooperative, Chairman Park required the outfit to contribute more to the development of regional societies.

Last year, the KFCC put forth great efforts to upgrade its smart banking services, streamline its customer service centers, and establish an integrated voice-of-customer system.

For this year, the entity with some 1,300 branches across the country is scheduled to form a team dedicated to digital financial services to increase customer satisfaction.

Also included in its 2021 priority list are to back social enterprises, create more jobs, and support youth employment. In addition, the KFCC hopes to export its “inclusive finance” model to developing countries.

“The KFCC has turned a crisis into an opportunity, so as to chalk up a fast growth. Without resting on our laurels, we have to be reborn as a financial institute to embrace regional societies and neighbors,” Chairman Cha said.

Indeed, the KFCC achieved exploits last year as its total asset topped 200 trillion won ($180 billion). Its customer base is larger than 20 million people.

It took eight years for the KFCC to double its asset to 200 trillion won since it first reached the 100 trillion won mark in 2012. The feats were widely praised because they came amid the COVID-19 crisis.