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2017 Highlights

NACUFOK 2017 Highlights of International Relations

January, 2017Guatemalan Government Policy Working Group visit NACUFOK

The Guatemalan Government Policy Working Group, consisting of Guatemalan Vice Minister of Economy Ezzra Israel Orozco Paredes and 7 others, visited the National Credit Union Federation of Korea(NACUFOK) headquarters on January 10th They have been participating in the ‘Knowledge Sharing Program’carried out by the Ministry of Strategy and Finance. The Policy Working Group has visited main Korean government branches, research institutes and other organizations to help fulfill the purpose of ‘Improving financial services to small and medium enterprises through the promotion of microfinance institutions.’

NACUFOK introduced the financial status and business functions of the organization. Also roles that Credit Unions played in developing countries were also introduced including programs and government efforts that contributed to the Credit Union movement. Many questions and suggestions were given back and forth about the development the Credit Union movement and the role government plays in providing aid, including questions of how a centralized apex organization came into place and how to benchmark the Credit Union model for the vitalization of microfinance back home.

March, 2017Asian CU Regulators Conference & ACCU CEO workshop

The Asian CU Regulators Conference and ACCU CEO Workshop, where ACCU member CEOs and Asian Credit Union Supervisory regulators participate, were held between March 6th to 10th at NACUFOK headquarters and training institute. Philippine Minister of Cooperatives Orlando R. Ravanera and Thailand Vice Minister of Cooperative Auditing Department Chirasap Plodkratoke participated in the ACCU Supervisory Meeting, along with participants from Nepal, Taiwan, Mongolia, Sri Lanka, Indonesia and Canada. A total of 22 CEOs and Supervisory Regulators from 8 countries participated in the meeting and workshop.

This conference focused on the supervisory, training and PR functions of NACUFOK, along with enforcing the role of the federation as a representative body of member Credit Unions.

Also, Serge Gosselin of Desjardins International Development was invited to talk about the success factors, challenges facings the Desjardins Group and emphasized the importance of an integrated Credit Union System in each country.

March, 2017Korean Credit Union Web Drama meets audiences in Taiwan

NACUFOK sponsored web drama ‘Tomorrow Boy’was exported to Taiwan. NACUFOK and Media Contents Provider CHOCO TV signed an Drama Copyright Export Agreement on March 30th at CHOCO TV headquarters in Taipei, Taiwan. Korean Credit Union has provided the drama copyrights for free for the development and promotion of the Credit Union movement in Taiwan and other Asian regions.

Korean Credit Union, forecasting the broadcasting trend from TV to Web and mobile media, has produced a web drama targeted for the millennial generation as a strategy to capture the young youth member’s attention and recognition of Credit Union.

Web drama ‘Tomorrow Boy’features Korean Idol Group VIXX’s Enn as the protagonist. Playing the role of Ahn Tae Pyeong, a poor child who is the sole breadwinner in his house, he endeavors to overcome poverty while maintaining an optimistic attitude in life. Since its broadcast 850,000 views were recorded, receiving wide reception from fans. The quality of the drama and story flow was rated as natural, despite having some references to Credit Union in the drama. It is currently being broadcast on NaverTV( and is consistently being well received by netizens.

Korean Credit Union has not only gained promotional benefits through this agreement but has also contributed to widening of the Korean Cultural Wave around Asia.

May, 2017Credit Union Overseas Volunteer Group, Performs Medical Volunteer Services in Sri Lanka

The Korean Social Contribution Foundation in collaboration with the Korean Open Doctors Society has performed Medical Volunteer Services from May 31st to June 6th in Plonnaru, Sri Lanka.

45 people from Credit Union Hands Together Volunteer Group and Korean Open Doctors Society participated in the medical volunteer service. A total of 2,472 people residing in the Plonnaru region of Sri Lanka were given various medical treatment.

The Social Contribution Foundation not only provided free medical services but also donated 20,000 USD to SANASA as relief funds for the reparation of the Southwest region in Sri Lanka.

Also thanks to the National Credit Union CEO Association and Jang Ahn Credit Union’s contribution footballs, jump ropes and other athletic materials were provided to regional school children. Also Book-sung Credit Union’s Lim Hyun Sup donated around 9,000 USD for the building of a house that was damaged in floods.

Korean Credit Unions have been actively participating in overseas relief aid activities. Marking the first start in 2014, many relief efforts were made in the countries of Philippines, Mongolia and Nepal. Around 4,500 people were given medical benefits thanks to these volunteer activities. Also to aid the Typhoon damage in Phillipines in 2014 and earthquake damge in Nepal in 2016, an amount of around 100,000 USD for each were donated in relief goods and funds to Philippine and Nepal Credit Unions.

June, 2017North American Korean Credit Union Workshop and Panama Credit Union Workshop

NACUFOK hosted the North American Korean Credit Union Workshop and Panama Credit Union Workshop between June 11th and June 23rd. Participants visited Korean Credit Unions and NACUFOK headquarters.

The Workshop which was held for a period of 6 days welcomed 19 executive participants from Sharons Credit Union, Toronto Credit Union and LA Korean Federal Credit Union. NACUFOK explained about the development process of Korean Credit Union movement, main businesses conducted by member Credit Unions, promotional strategies focusing on regional communities and member focused management strategies.

From June 21st NACUFOK welcomed participants from COFEP a member of WOCCU. Executives from COFEP and Panama government officials visited member Credit Unions.

The Panama Credit Union Workshop participants came to NACUFOK to benchmark and research a successful grassroots financial cooperative model. The workshop focused on the development of the Korean Credit Union movement, the role the federation plays and what functions Credit Union performs for the regional community.

The Panmama Credit Union Workshop participants also experienced member focused management by visiting Yesan, Pulmu, Joomin Credit Unions and learned about the IT infrastructure and training institute of NACUFOK.

July, 2017WOCCU Conference

The 2017 WOCCU Conference and General Meeting was hosted in Vienna, Austria from the 23rd for 4 days. The theme of the Conference opened with the theme ‘Credit Union’s Survivial Strategies in the Digital Age’1600 Credit Union leaders from 58 countries participated in the conference.

4 days of plenary and breakout sessions were held in various venues discussing themes such as ‘What Can Your Data Tell?’Also strategies to increase youth members, digital payment systems, block chain technology, cyber security and 30 other topics were discussed in depth at the conference.

This conference focused on the challenges Credit Unions faced with the rise of digital financial technology such as fintech, block chain becoming more prominent in consumer’s financial services. Around 20 delegates from Korean Credit Union participated in the conference.

September, 2017ACCU Conference and General Meeting

NACUFOK participated in the 2017 ACCU Forum from September 16th to 22nd in Colombo, Sri Lanka.

The theme of the conference ‘Credit Union Networks Building Bridges Together to Create Value for People and Communities’ was discussed in length along with various methods to implement them.

Around 500 Credit Union CEOs from 22 coutnries such as U.S.A., Canada, Australia, Thailand, Nepal and the Philippines participated in the biggest Asian Credit Union event of the year.

October, 2017Mongolian Credit Union Workshop

NACUFOK hosted the Mongol Credit Union Workshop for MOCCU executives and employees from October 22nd to 26th. MOCCU workshop participants learned about the Korean Credit Union model and many pragmatic strategies that could be implemented in Mongol Credit Union management operations.

A total of 18 people from employees of Moncord and other 3 Credit Unions participated in the event. The participants learned about the educational system, regional Credit Union’s development process and know-how and the necessity of social contribution activities.

This workshop in particular emphasized the close relationship between Mongol Credit Union and Jang Seong Credit Union. Jang Seong Credit Union has, on July 3rd this year, visited Mongolia in an effort to assist the CU movement in foreign countries. Jang Seong Credit Union promised to maintain strong relations through sister ties with Mongol Credit Union and Mongol Credit Union has visited Jang Seong to further strengthen relations. Through the workshop, Mongolian Credit Union workshop participants and JAng Seong Credit Union member could meet together again in 3 months and share Credit Union knowledge and experience.

Korean Credit Union and Mongolian Credit Union has cooperated in various events besides workshops. In July 2015 Korean Credit Union visited Ulanbataar Bayahoshogu to provide volunteer medical services. Korean Credit Union Hands Together Volunteer Group along with Korean Open Doctors Society and MOCCU employees helped provide free medical service to 1,500 people.
MOCCU employee Ms. Amarjagal said “We are grateful for Korean Credit Union’s efforts to help the development of the Mongol Credit Union movement. We will repay this assistance through the growth of the Mongolian Credit Union movement.

November 2017ICA Conference and General Assembly

NACUFOK participated from in the ICA Conference which was held between the 11th to 14th of November in Kuala Lumpur, Malaysia. This year’s conference opened with the theme of“Cooperatives : Putting PEople at the center of development”where 1,800 people from 90 countries particiapted

Dr. Linda Yueh, a member of the World Economic Forum and adjunct professor at the London Business School provided an outlook on the future of the Cooperative movement in her key note speech. The Cooperative model is expected to be one of the promising potential business model in the future, encompassing values of democracy while acting as an instrument of wealth creation.

The 3 day conference covered issues of big data, governance, Sustainable Development Goals, collaborative economy and other various themes. Korean cooperative organizations such as Agricultural Cooperative, Fisheries Cooperative, Forestries Cooperative and Icoop participated in various sessions to share the development process and success factors of the Korean cooperative movement.

Argentinean Cooperar(Coopeartive Confederation of Argentina) President Ariel Guarco was elected as ICA president along with 4 Vice Presidents and 21 ICA Board Members to lead the ICA during 2018~21.

November, 2017Lawashan Credit Union from Taiwan visited NACUFOK

NACUFOK hosted the Taiwan Credit Union workshop for LaWaShan Credit Union executives and employees on November 23rd at NACUFOK headquarters. Workshop participants learned about the development process of Korean Credit Union, loan process and member focused marketing. They also visited member credit unions to learn managerial ideas that can be implemented in Taiwan.
A total of 34 executives and employees participated learning various marketing strategies, loan products and success factors of Korean credit union that can be benchmarked.

December, 2017The 2017 Asian CU Leader’s Program

NACUFOK hosted the Asian Credit Union Leader’s Program from December 4th to 15th at NACUFOK Training Institute for participants from various Asian countries.

The ACL program was established to foster the growth of future Credit Union leaders and educate people from various nations about the Korean Credit Union movement.

A total of 14 participants from Nepal, Sri Lanka, Laos and other 6 countries participated in the ACL program. Various themes such as ‘Introduction of the Supervisory Structure and Depository Protection Fund’, ‘Necessity of Social Contribution Activities’, ‘Sustainable Management’were discussed at length along with each participant’s Credit Union development policies that can furthen the development of each participant’s Credit Union movement.

A Development Action Plan was presented by each participant at the end of the program as an opportunity to reflect upon how each individual can contribute to their nation’s Credit Union movement.