Kim Yunsik, Shinhan Credit Union Chairman, Receives Blessing from Pope Francis

60 Years of the Community Spirit of Korean Credit Unions
Helping the Vulnerable and Contributing to Closing Financial Blind Spots

Yunsik Kim, President of the National Credit Union Federation of Korea

[Asia Economy Reporter Kim Min-young] Kim Yoon-sik, Chairman of the National Credit Union Federation of Korea (NACUFOK), will receive a blessing certificate from Pope Francis at the Vatican. This is the greatest honor for the credit union on the occasion of the 60th anniversary of the founding of Korean credit unions this year.

NACUFOK announced on the 22nd that Chairman Kim will receive the blessing certificate from Pope Francis at a ceremony held at the Catholic Busan Diocese Office.

This blessing certificate ceremony was arranged in July upon the recommendation of Father Baek Hyun Paul of the Catholic Daejeon Diocese Office, where NACUFOK is located. It was held in Busan, the birthplace of Korean credit unions, to commemorate the 60th anniversary of Korean credit unions.

Chairman Kim received the Pope’s blessing certificate on behalf of 13 million credit union users and employees, and it was personally delivered by Bishop Son Sam-seok Joseph of the Catholic Busan Diocese Office.

NACUFOK explained that the reason for receiving the blessing certificate is in recognition of its 60 years of upholding the identity of a financial cooperative that values people and communities, contributing to resolving blind spots in financial benefits and helping the underprivileged such as the common people and marginalized groups through the 7 Inclusive Finance projects.

The 7 Inclusive Finance projects include ▲ Liberation Loans on August 15 to free the common people from high-interest loans ▲ Eobuba Hyoe Deposit to care for the elderly closely ▲ Support loans for housing stability for multi-child families to address low birth rates ▲ Eobuba Plan to assist self-employed individuals facing management difficulties ▲ Free distribution of location trackers to protect socially vulnerable groups ▲ Regional specialized projects to revitalize local communities ▲ Special support projects for crisis regions such as Geoje and Gunsan to help residents affected by economic crises.

Chairman Kim said, “The credit union movement, which originated from pioneers Sister Mary Gabriella and Father Jang Dae-ik, has practiced a path where no one is left behind and everyone can live with dignity based on noble ideals and philosophy over the past 60 years,” adding, “This is not a personal honor but an unparalleled great tribute and glory to the sacrifices and love of the early credit union pioneers, the participation of 13 million members and users, and the dedication of over 15,000 employees.”

He continued, “Taking this blessing certificate award as an opportunity, we will revive the spirit of the credit union that illuminates the socially vulnerable and dark places, and strive to become a channel of blessings for the common people, as conveyed by the Pope’s message.”

Korean credit unions started in 1960 as the country’s first private-led cooperative movement, aiming to improve the socio-economic status of the common people who were in poverty and despair, and have grown into a representative financial cooperative by playing a role as a financial safety net for the development of the local economy and the socially marginalized.

Starting with 27 members and a capital of 3,400 hwan (about 100,000 KRW), Korean credit unions have grown into a massive organization with 881 cooperatives nationwide, 1,662 branches, and about 13 million users. Its asset size also reaches 108 trillion KRW. It ranks 4th globally and 1st in Asia among global financial cooperatives, following the United States, Canada, and Australia. It is also the chair country of the Asian Confederation of Credit Unions (ACCU) and the only Asian director country of the World Council of Credit Unions (WOCCU).

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