Saemaeul Geumgo Central Association Signs MOU with Financial Supervisory Service to Strengthen Supervision and Inspection Capabilities

Park Cha-hoon, President of the National Credit Union Federation of Korea, and Yoon Seok-heon, Governor of the Financial Supervisory Service, are holding the MOU agreement together. (From left, Yoon Seok-heon, Governor of the Financial Supervisory Service; Park Cha-hoon, President of the National Credit Union Federation of Korea)

[Asia Economy Reporter Kim Min-young] Saemaeul Geumgo Central Association announced on the 10th that it has signed a memorandum of understanding (MOU) with the Financial Supervisory Service to mutually strengthen supervisory and inspection capabilities and revitalize financial services for low-income households.

The key points of the MOU signed yesterday in the Financial Supervisory Service's small conference room include ▲ mutual personnel exchanges to enhance supervisory and inspection capabilities ▲ funding support and development of financial products for low-income households to revitalize financial services ▲ mutual cooperation for education, damage prevention, and relief activities to protect financial consumers. The agreement period between the two institutions is one year and is expected to be extended for continuous cooperation unless there are special circumstances.

Park Cha-hoon, Chairman of Saemaeul Geumgo Central Association, stated, "As this is the first business agreement signed between Saemaeul Geumgo Central Association and the Financial Supervisory Service, it will serve as a cornerstone contributing to the mutual development of both the Central Association and the Financial Supervisory Service," adding, "It will be an opportunity to protect financial consumers and revitalize financial services for low-income households."

Through this agreement, since a foundation has been established for synergy by mutually exchanging accumulated experience and know-how, Saemaeul Geumgo expects that plans for revitalizing financial services for low-income households and protecting financial consumers, combining the characteristics of both institutions, will be prepared.

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