[New Year's Address] Shinhyup Central Association President "Only Evolved Organizations Survive"

[Asia Economy Reporter Kim Min-young] The National Credit Union Federation of Korea (NACUFOK) held a kick-off ceremony on the 3rd at the main auditorium of the Central Hall in Seo-gu, Daejeon, marking a vigorous start toward "A New Credit Union, 100 Years into the Future."

At the ceremony, Kim Yoon-sik, Chairman of NACUFOK, identified "change" as the key keyword for the 60th anniversary of the credit union. Chairman Kim stated, “To overcome the uncertain trends of the era, we will initiate a wave of transformation,” adding, “In the rapidly changing, uncertain, complex, and ambiguous VUCA (Volatility, Uncertainty, Complexity, Ambiguity) era, only organizations that evolve quickly and adapt can survive, not large and strong ones.”

He also announced, “As part of efforts to narrow the gap between the unions and their members, we will accelerate digital transformation.” To this end, he expressed the intention for digital transformation that enables all credit union services through the main transaction union application by lowering the barriers of the credit union’s collective bonds under the concept of ‘One Union (Hana-ui Sinhyup).”

The detailed directions to bring about change were also newly established. Chairman Kim Yoon-sik emphasized, “We will transform the ‘management-centered organization’ that has lasted for over 60 years into a ‘business-centered organization,’” and added, “We plan to significantly expand the corporate finance (IB) sector, which has emerged as a future growth engine with high profitability linked to the union’s loan business and alternative investments, to create synergy across the entire credit union industry.” To this end, the credit union plans to establish an overseas securities team and expand the real asset investment team.

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