The Korean Federation of Community Credit Cooperatives, the nation’s leading mutual financial institution, held an annual exchange program with its counterpart in Thailand to introduce the group’s ongoing projects and management tips, officials said Wednesday. 

Arranged as one-day videoconference in line with the government’s strict quarantine measures against the COVID-19 resurgence, the training event provided a series of online lectures on KFCC‘s fund management, investment cases as well as protection system for depositors. The exchange program also included real-time interaction between employees in South Korea and Thailand through a video-hosting platform.

The KFCC also introduced business affiliates and Saemaul Geumgo's various social contribution efforts through a video filmed in advance.

The KFCC‘s partnership with the Federation of Savings and Credit Cooperatives of Thailand dates back to 1993. Under a bilateral agreement, the two sides promote an annual exchange training program and other collaborative events in a bid to share information in regard to each other’s financial cooperative system and business ideas. 

“(KFCC) expects to strengthen ties with foreign partners through its online exchange training program, which will help the cooperatives better respond to the post-coronavirus era,” said KFCC President Park Cha-hoon. 

KFCC was officially established in 1973 upon the enactment of community credit cooperative law, aimed at developing credit cooperatives and promoting mutual growth in local communities. As the revised act in 2015 allowed for the organization’s overseas economic cooperation and development, it has since carried out various support programs targeting developing markets, including Myanmar and Uganda. 

By Choi Jae-hee (cjh@heraldcorp.com)