KFCC Supervising Director Hwang Koo-hyun, third from right in the front row, poses with Fiji government officials after wrapping up an educational session in Korea on Nov. 8. Photo courtesy of KFCC

Pacific country vies to benchmark Korea’s co-op financial model

The Korean Federation of Community Credit Cooperatives (KFCC) announced on Nov. 9 that it had finished training Fiji government officials about its co-op financial models.

A total of nine Fiji bureaucrats from three ministries took a flight to Seoul to take part in the nine-day educational session of the KFCC during Oct. 31 and Nov. 8.

The KFCC shared its growth history and knacks of carrying out a variety of financial jobs so that the officials would be able to play a key role back in Fiji.

Through the training, the Fiji officials have set up a plan to establish the Pacific county’s own grassroots financial entity through benchmarking the KFCC.

The KFCC said that practical preparations to create branches in Fiji would start late this year with the goal of chalking up a tangible result in early 2023 at the earliest.

“Fiji’s co-op financial entity will hopefully help galvanize the economic activities of ordinary people and contribute to the national economy just like the KFCC,” KFCC Supervising Director Hwang Koo-hyun said in a speech to mark the end of the training.

As South Korea’s foremost apex organization for the country’s cooperative banking sector, the KFCC represents around 1,300 financial cooperatives.

Back in 2016, it launched the global initiative of sharing its inclusive finance models with developing countries.

Through years of efforts, up to 56 branches were founded in three countries of Myanmar, Uganda, and Laos. Fiji would be the fourth nation for the KFCC to tap into.