[New Year's Address] Saemaeul Geumgo Chairman "2020 is the First Year Opening the Era of 200 Trillion Assets"

Park Cha-hoon, President of the National Credit Union Federation of Korea

[Asia Economy Reporter Minyoung Kim] Park Chahoon, Chairman of the National Credit Union Federation of Korea (Saemaeul Geumgo), stated on the 2nd, “The year 2020 will be the first year to open the era of 200 trillion KRW in assets,” adding, “We will not only provide digital financial services befitting this milestone but also fulfill our social responsibility through various social contribution activities.”

In his New Year's address, Chairman Park said, “In 1963, when everyone was poor, Saemaeul Geumgo was merely a self-sustaining cooperative organization formed by pooling small hands together. As of 2019, it has firmly established itself as a representative financial institution for ordinary people in Korea with assets reaching 190 trillion KRW,” and emphasized, “This year, Saemaeul Geumgo, a purely indigenous national capital institution, will declare to domestic and international audiences the achievement of 200 trillion KRW in assets, present a future vision, and lay the foundation for Saemaeul Geumgo to take a step further and achieve sustainable growth.”

Chairman Park identified strengthening digital financial capabilities as the top priority. He said, “With the advent of the Fourth Industrial Revolution era, digital new technologies and finance are linked, intensifying the development of innovative services. In the current situation where failure to adapt means extinction, Saemaeul Geumgo has secured the stability of its IT system by relocating its IT center,” adding, “Based on this, we will provide stable digital financial services such as bio-authentication and big data utilization, and introduce a paperless office processing system that handles tasks electronically without paper documents to improve work efficiency.”

He also stressed the practice of social responsibility. Chairman Park said, “The steady growth of Saemaeul Geumgo since its founding, now approaching 200 trillion KRW in assets, is the result of continuous social contribution activities, which I believe is Saemaeul Geumgo’s competitive advantage,” and added, “We will revitalize the local economy by supporting vulnerable groups and small business owners, and provide nurturing and support programs for social economy enterprises so that more members can find happiness through Saemaeul Geumgo.”

Furthermore, he added, “We will promote international development cooperation projects in Uganda, Myanmar, Laos, and other countries, and accelerate the construction of the ‘Saemaeul Geumgo History Museum’ to widely publicize Saemaeul Geumgo and enhance its status.”

This content was produced with the assistance of AI translation services.