'National Credit Union Federation of Korea'

2024 International Affairs Highlights

World Credit Union Conference(WCUC)

The World Credit Union Conference was held in Boston, USA, from July 21 to 24, Over 3,000 credit union representatives from over 60 countries worldwide attended the event.

The Conference featured lectures covering over 50 diverse topics, including leadership and communication skills, digital transformation in the financial environment, ESG, and global financial trends. During the keynote session, the main program, distinguished speakers addressed future societal responses and organizational management, presenting directions for global credit union operations and member inclusion.

The first keynote speaker, future strategy expert Sean Kanungo, presented a road-map for responding to the volatility of future society under the theme 'Strategy in a Rapidly Changing World'. He emphasized that in a society rapidly changing due to the development and adoption of new technologies, companies must gain competitiveness through innovation.

Following this, Rene Carayol addressed the impact of leadership styles on organizations, focusing on creating inclusive and sucessful organizational cultures He detailed how to cultivate authentic leadership to inspire organizational members.

In particular, the National Credit Union Federation of Korea participated in the main program, the breakout session. During the breakout session held on the 22nd, Son Young-woo, staff of the NACUFOK, lectured on 'The Risks of Digital Banking' to credit union officials worldwide. Mr.Son shared the experiences and countermeasures of Korean credit unions in responding to such crisis situations, citing the example of last year's digital bank run at Silicon Valley Bank.

Highlights from 2024 WCUC

2024 Asian Credit Union Forum

The Asian Credit Union Forum was held over two days from Friday, September 6 to Saturday, September 7, 2024, in Bali, Indonesia. It was co-hosted by the Asian Credit Union Federation(ACCU) and the Indonesian Credit Union Cooperative Association (CUCO).

The forum's theme was 'Rooted Resilience: Bridging Gaps for a Sustainable Future of Asian Credit Unions,' attended by approximately 500 credit union officials and members from 30 Asian countries. The keynote address, titled "Challenges and Solutions for Credit Unions in Building a Sustainable Future," analyzed the challenges facing Asian credit unions : regulation, rapidly evolving technology, and member engagement-and emphasized the importance of designing member-centered financial products.

On the second day, Saturday , September 7, a lecture titled "Overcoming the Digital Divide" was presented by Eo Chung-seon, Head of the IT Development Team, sharing actionable digital inclusion strategies with member countries. Additionally, a lecture by Kim Seul-gi, Head of the Social Contribution Foundation Team, emphasized the need for Asia Credit Union to develop inclusive capabilities, networking, and the operation of social contribution funds.

Highlights from 2024 Asian Credit union Forum

The 33rd NACUFOK Training Program

NACUFOK annually hosts a training program for executives and staff of Asian Credit Unions (ACCU member federations and primary credit unions), introducing the history and major initiatives of Korean credit unions. The Asian Credit Union Federation has held this program 32 times since its first session in 1987. The 33rd training session in 2024, held five years after COVID-19, drew particularly high interest from ACCU member countries.

The program took place from May 27 to May 31 in Seoul, and the headquarters & training institute in Daejeon. A total of 21 participants attended, representing ACCU full member institutions (federations and individual credit unions) from the Philippines and Indonesia.

Key lectures included a presentation on Korea Credit Union IT, combined with a tour of the Korea Credit Union's IT center. Additionally, lectures on the history of the credit union movement and depositor protection enhanced understanding of Korea Credit Union.

For the cooperative visit, participants toured Uiwang Credit Union, observing its customer service facilities and cultural center, and shared the cooperative's vision and efforts to foster community development.

Highlights of The 33rd NACUFOK Training Program

Asian Credit Union Leaders’ Program(ACL)

The Asian Credit Union Leadership Program (ACL) has annually provided Asian credit union leaders with insights into the history and development of Korean credit unions, digital innovation, and inspection and supervision functions since 2017.

Marking its 8th year, the ACL program was held in Seoul from December 15 to 21. It was attended by 14 credit union executives and staff members from four countries: the Philippines, Bangladesh, Sri Lanka, and Thailand.

NACUFOK provides participants with opportunities to gain practical knowledge and experience by sharing the growth experiences and expertise of Korean credit unions through its international education program. Participants learn about the diverse operations of Korean credit unions and gain multifaceted exposure to the Korean credit union system through visits to the central headquarters, training institute, and primary credit unions, resulting in very high satisfaction among trainees.

In particular, participants had the opportunity to establish specific action plans for the development of their respective national credit unions through the Development Action Plan presentation session. Xaviery John Luna from the Philippine NATCCO was selected as this year's top trainee, earning an invitation to next year's ACL training.

2024 Asian Credit Union Leaders Program