Korean Federation of Community Credit Cooperatives (KFCC) Chairman Park Cha-hoon, left, poses with Laotian Deputy Minister of Agriculture and Forestry Thongphath Vongmany, right, in an event to sign a bilateral agreement on the sidelines of a seminar to mark the 60th anniversary of the KFCC in Seoul last week. Photo courtesy of KFCC

Korean organization strives to support Southeast Asian country

The Korean Federation of Community Credit Cooperatives (KFCC) announced on May 31 that the outfit had inked an agreement with Laos to share its grass-roots financial business model.

Toward that end, Laotian Deputy Minister of Agriculture and Forestry Thongphath Vongmany and other government officials visited South Korea.

The KFCC struck the contract in time with the event to mark the organization’s 60th anniversary, which took place in Seoul earlier this month.

Under the pact, the KFCC plans to offer consulting in establishing co-op financial models in Laos, along with personnel support. In addition, the entity is set to help Laos open new offices.

Following Myanmar and Uganda, Laos was the third country that the KFCC had tapped into. The KFCC started making inroads into the Southeast Asian nation in 2019.

The signing of the bilateral agreement with the Laotian government was delayed because of the novel coronavirus over the past three years.

However, the KFCC forged through the business in Laos _ it established three branches there and is preparing to launch other units in the coming years.

In addition, the KFCC is scheduled to offer educational services to Laotian officials and related people to share best practices about the inclusive financial model.

Headed by the Ministry of Interior and Safety, the South Korean government is poised to join the efforts.

“Through this agreement, we will be able to share our experiences with Laos so that the country’s agriculture ministry better promotes rural development,” KFCC Chairman Park Cha-hoon said.

“We will not spare support to the initiative so that more farmers and their families in Laotian rural areas can enjoy financial services.”