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In an attempt to meet the member's needs, NACUFOK
joined KFTCI (Korea Financial Telecommunications & Clearing
Institute) as dated of Sept 20, 2001. As a consequence of its affiliation,
it enables NACUFOK to offer the overall financial network services
that includes billing, CD network, joint banking network, CMS joint
banking network and so on. Throughout the on-line financial network,
the Billing settlement, CD Deposit/withdrawal & money transfer,
On-line remittance/receipt & transfer, ARS, Web banking and
Telebanking are possibly in service.
By Entering into KFTCI service, NACUFOK grows out of the partial
on-line services that previously relied upon the partnership with
other commercial banks and thus the increment of commission fee,
primal credit unions expecting to elevate their sound management
backed by the diversification of earnings.
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Going into a Credit
Card partnership with the Industrial Bank of Korea, NACUFOK offers
its members with the various types of financial services alongside
primal credit unions and its member credit unions as they do benefit
out of the diversification of earnings supported by the secured credit
card membership and cash card service. With this strategic partnership,
members at their potential are highly expected to be more affiliated
with their credit unions and it ensures to bring more future members
driven by the downward of age bracket of credit card holders.
On the occasion of this meaningful event, NACUFOK paves the way for
its independent credit card business if a permission is given later
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In hopes of promising a better tomorrow for the
Credit Union Movement, NACUFOK hosted the "Credit Union United
Convention" nationwide which all took place separately by its
four regional headquarters (Chungcheong, Joongboo, Jeju and Youngnam). Of particular aspect is the "Youngnam Credit Unions
United Festival" on November 11, 2001 where 30,000 members,
officers and staffs all gathered together making the event a great
success.
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NACUFOK
singed on a resolution with Inter-regional Association of Credit
Unions of the Far East and Zabaikalie (Russia) on April 12, 2001
in terms of joint training program. This joint program is designed
to maintain and develop partnership relations between both parties
for exchange of experience and expertise, establishment of cooperation
and working out annual plans of completing joint programs and further
to think of a credit cooperative society as means of citizens' self-regulation
contributing to development of social protection mechanism and support
of small business in the Far East of Russia and in Republic of Korea.
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In
partnership with Morgan Stanley, Kobuco Industrial Restructuring
Firm, Samjeong Holdings and Sharp, NACUFOK had a signing ceremony
in commemoration of its joint venture on Hansung Credit Information
Service Frim on June 27, 2001. As NACUFOK emerging into Credit Information
Service criteria, it enables primal credit unions to strive for
sound management and further to enhance new loans accompanied with
the recovery of delinquent loans in short term all supported by
the collection of insolvent credits in earliest stage.
Primal credit unions can relocate its human resources into other
functions in order to maximize the efficiency of management while
placing long term delinquency cases under the control of a Credit
Information Service Firm.
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Having
ended 2001 with a steady increase of mutual insurance business, NACUFOK
entered into 300,000 new mutual insurance contracts at the end. Despite
the progressive increase ranges from 151,000 in 1999 up to 265,000
in 2000, the attainment of 300,000 newly signed contracts is seen
as a great achievement but for all those difficulties given in hand.
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