Asian Technical Congress was held at the Jeju International Convention Center under the slogan 'Grow Asia Grow' where 167 Credit Union leaders attended from 17 countries for three days from November 2.
Co-hosted by the National Credit Union Federation of Korea (NACUFOK) and the World Council of Credit Unions (WOCCU), the event was held to look for ways for the development of the NACUFOK and Asian Credit Unions via exchanges of financial technologies and information with credit unions in industrialized countries.
At this congress, attendees had a choice from the 12 sessions offered and exchanged opinions following presentations on the subject. The sessions offered dealt with WOCCU's operation of a model credit union and tools, 7 critical factors and 6 crucial financial factors for credit unions, establishment of loan policies and monitoring and credit union's marketing strategies. Attendees also visited five exemplary credit unions in Jeju Island to see how they operated.

The NACUFOK's Information System Department finalized the basic framework of the information-related strategic plan in relation to the next five years. The plan's aim is to establish a system free from temporal and spatial limits and suited to electronic financial environment, in addition to providing member-oriented financial services and meeting members' diverse needs for financial services.
Based on these aims, the department plans to establish an updated computer system for credit unions by focusing on member-oriented operations, enhancement of operational efficiency and profit maximization. NACUFOK will now be in a better position to establish more systematic and forward-looking mid and long-term strategic plans based on the next-generation integrated information system supported by improved computer systems, shifting to member-oriented financial services system as part of their survival strategy amid the rapidly changing business environment.

The current TV ad for Credit Unions focused on the concept of 'One inch More!' reflecting its willingness to provide more benefits to members unlike commercial banks who exclusively engage in financial business or put profits first.
Their image signifies a hand meaning 'a helping hand of contribution' for members. NACUFOK also launched a series of PR campaigns using 'One inch More' concept. Credit Unions nationwide joined NACUFOK's campaign by distributing posters, leaflets, etc to allow familiarize the general public of their image and expand their business basis.

NACUFOK have issued Hyundai Card M to all members from December 2003, based on the MOU for business alliance between the card company on October 8. It had already started developing a computer program for scheduled card issuance, and push ahead with business through target management and performance evaluation, with the target to issue 300,000 cards in 2004, along with the campaign to publicize the credit union to the general public.
This positive action plan aims for the card issuance to encourage members to use the credit union as their main transaction account and lay the groundwork of electronic financial services through various automatic transfers and increased demand deposits.

The Credit Union Risk Management System is put into force from May 2004. The system, which is designed to secure the Credit Unions' financial soundness, stability and to allow credit unions achieve stable profits, was finalized in December 2003 after a one-year development process. The currently launched ALM (Asset and Liability Management) System was part of the Risk Management System, focusing on profit maximization and financial stability by setting up a proper level of risks and optimal composition between assets and liabilities. With the ALM system, credit unions will be in a better position to control cash liquidity, interest rate risks and uncertainties by a strengthened capability of predicting changes in the market through simulation analysis. Various management information including statistics will also be provided.
It is particularly noteworthy that the web-based system enables NACUFOK to retrieve information on each credit union's assets, liabilities and processing it to convert it into useful information for primary credit union's liquidity, interest rate risk management. NACUFOK also plans to assist primary credit unions through efficient risk management of supervision and control by setting ceilings for liquidity, interest rate risks. Supervision and control will also be carried out in addition to other supervisory functions, such as instruction on operations of floating money and regular supervision, for overall higher efficiency in risk management.

NACUFOK offers protection of members' shares, deposits, installment deposits and mutual insurance premiums as designated by the Credit Union Depositor Protection Fund. The amount covered is up to 50 million per member. The Fund Management Committee in charge of operating the Fund consists of nine members, including the Chairman whose function shall be to act as the director in charge of inspection and supervision. The Committee includes three persons appointed respectively, by the Finance Minister, Planning Minister and FSC. Those appointed are chosen among the public employees under their respective control, for higher transparency and fair operations of the Fund, with a 3-year term that can be extended up to another term.
NACUFOK collected 500 billion won for the Fund under the Enforcement Ordinance of the Credit Union Act. Under the Credit Union Act, NACUFOK provides protection for members as detailed in the foregoing, i.e. if a credit union is unable to pay their deposits following bankruptcy or liquidation.