Participants on the regional workshop on digital inclusion and community development pose at the United National Conference Center on Sept. 19 in Bangkok, Thailand. South Korea’s KFCC and the UN ESCAP co-hosted the event. Photo courtesy of KFCC

Two organizations hold workshop for financial inclusiveness in Thailand

The Korean Federation of Community Credit Cooperatives (KFCC) said Monday that it had teamed up with a United Nations affiliate to organize a recent workshop in Bangkok.

The affiliate is the UN Economic and Social Commission for Asia and the Pacific (UN ESCAP), one of the UN’s regional commissions designed to boost economic activities in Asia and the Pacific regions.

The KFCC noted that the workshop had taken place in the Thai capital last week to deal with such issues as digital inclusion and community development.

Also discussed during the two-day gatherings were how to achieve sustainable development goals and encourage partnerships for the Asia-Pacific information superhighway.

The latter project was about building a region-wide intergovernmental info-tech platform so as to promote digital connectivity, digital technology, and data use.

The eventual targets of the bold initiative are to bridge the digital divide and accelerate digital transformation in the Asia-Pacific region.

KFCC Director Sim Woo-jong, who heads the entity’s international development collaboration team, shared the best practices of its inclusive grass-roots financial model.

“With the workshop as a starting point, the KFCC plans to share South Korea’s representative and unique financial inclusion model with the entire world through diverse cooperation with the UN ESCAP,” he said.

Over the past several years, the KFCC has briskly tapped into developing economies like Myanmar, Uganda, and Laos to help them benchmark its successful co-op financial models.

Its financial model was honored in 2021 as it garnered the presidential award on International Development Day, which fell on Oct. 24.

As Korea’s foremost apex outfit, the KFCC is an umbrella organization for up to 1,300 financial cooperatives across the country. Its customer base amounts to some 20 million people here.