Participants in the training workshop of the KFCC pump their fists at Laos. The event took place late last month. Photo courtesy of KFCC

Korean organization declares global KFCC Day

The Korean Federation Community Credit Cooperatives (KFCC) announced on Sept. 21 that the outfit would continue to share its grassroots financial model with developing countries across the world.

In particular, the Seoul-based entity invited bureaucrats from eight developing economies twice in July and September. In August, it held an educational session in Laos.

In time with its 60th anniversary, the KFCC came up with a bolder measure of declaring the KFCC Day as a part of its international ESG management program.

Toward that end, the KFCC said that it would cooperate with overseas partners, including the International Cooperative Alliance and the European Association of Cooperative Banks.

Since 2016, the KFCC has attempted to share its co-op financial model with such countries as Uganda, Laos, Fiji, and Cambodia.

Currently, the organization has set up 56 offshore branches to offer financial services to around 15,000 people.

Such activities have been regarded as South Korea’s representative ODA programs aimed at supporting the emerging economies with Korea’s public funds.

“To deal with poverty and inequality as well as build win-win communities, we provide our inclusive financial models to other nations in line with our ESG management philosophy,” a KFCC official said.

Brief for Environmental, Social, and corporate Governance, ESG refers to the three major factors in gauging the sustainability of a corporation or business.

The concept has become a buzzword across the globe during the past several years.