Hosted by Korea Credit Guarantee Fund, the 34th Asia Credit Supplement Institutions Consortium (ACSIC) Meeting Opens

On the 8th, Choi Wonmok, Chairman of the Credit Guarantee Fund and Organizing Committee Chair, delivered the opening address at the 34th Asia Credit Supplement Institutions Consortium (ACSIC) meeting held at Hotel Inter-Burgo Daegu.

[Asia Economy Reporter Eunju Lee] The 34th Asia Credit Supplementary Institutions Consortium (ACSIC) Meeting, hosted by the Korea Credit Guarantee Fund, opened on the 8th in Daegu.

The Asia Credit Supplementary Institutions Consortium (ACSIC) was founded in 1988 to lead innovative financing for small and medium-sized enterprises (SMEs) through policy discussions and system sharing on credit guarantees and insurance, and to cooperate for the growth of Asian SMEs and the prosperity of national economies. Currently, 17 institutions from Asian regions including Korea, Japan, Indonesia, and the Philippines participate.

This 34th ACSIC meeting was held face-to-face for the first time in three years since the spread of COVID-19. Under the theme "A Great Leap: Development Plans for SME Finance for Sustainable Growth," the meeting features presentations of best practices from Malaysia (CGCMB), Mongolia (CGFM), Korea (Korea Credit Guarantee Fund), Nepal (DCGF), Japan (JFG), the Philippines (PHILGUARANTEE), and Sri Lanka (CBSL), as well as panel discussions on startups, digital transformation, and ESG.

The opening ceremony began with an opening address by Chairman Choi Won-mok of the Korea Credit Guarantee Fund, the organizing committee chair, followed by online congratulatory speeches from Kim Ju-hyun, Chairman of the Financial Services Commission; Hong Joon-pyo, Mayor of Daegu; Kim Sang-hyup, Chairman of the 2050 Carbon Neutrality Committee; Frank Rijsberman, CEO of the Global Green Growth Institute (GGGI); the chairman of DGB Financial Group; the president of NH Nonghyup Bank; the president of Shinhan Bank; and the president of Woori Bank. Over 300 participants from 19 countries, including domestic SME finance experts such as Byun Tae-seop, Director of the SME Policy Office at the Ministry of SMEs and Startups, and ACSIC member country executives, attended.

In his opening remarks, Chairman Choi stated, "The unprecedented social distancing and trade restrictions between countries caused by COVID-19, as well as the threat of global supply chain collapse, have increased uncertainty in the global economy. However, credit supplementary institutions across Asia have successfully played the role of a market safety net to overcome the crisis." He added, "Now is a time of great transformation to turn crisis into opportunity. Through this meeting, we aim to explore the resilience and sustainable growth of SMEs rising against the post-global pandemic crisis."

Following this, former U.S. Small Business Administration Administrator Karen Mills, delivering the keynote speech, explained that SMEs tend to suffer relatively greater damage than large corporations during economic crises, emphasizing that "advanced financial technologies such as AI and fintech will lead to the revitalization of SME lending in the future." Another keynote speaker, Professor Emeritus Naoyuki Yoshino of Keio University, introduced the theoretical basis of guarantee systems, including the vulnerable financial environment of SMEs and optimal credit guarantee ratios, and proposed that Asian guarantee institutions continuously complement and cooperate with each other.

Meanwhile, at the separate meeting of chief representatives held on the same day, the admission of Papua New Guinea Credit Corporation (CGC PNG) and Cambodia Credit Guarantee Corporation (CGCC) as new member countries was decided, and they agreed to continue collaboration to strengthen a sustainable global cooperation system. Following the main meeting and panel discussions held that day, on the 9th, panel discussions on digital transformation and ESG, a closing ceremony, and a tour of Daegu Innovation City are scheduled. On the 10th, there will be an industrial inspection of Hyundai Motor in Ulsan and a cultural tour of Gyeongju.

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