Community Credit Cooperative(CC, Saemaul Geumgo)
CC had its beginning with five credit cooperatives, established in Gyeongsangnam-do in 1963. CC, as a financial cooperative, inherits the spirit of mutual help, which is also a main source of Gye, Hyangyak, Dure and has been playing not only economic functions of credit and insurance service but also social roles of members’ welfare and community development business. In this way, CC has made its full efforts to improve the quality of life for members and contribute to the development of regions and the balanced development of national economy.
Korean Federation of Community Credit Cooperatives(KFCC)
KFCC has been the most reliable partner of CC since its establishment in 1973. It was established to support and supervise CC’s business and promote its transparent operation. It pursues common interests with entire CCs by making democratic and legitimate decisions. In addition, it formulates and implements a development strategy for sustainable growth. It consists of one central and thirteen regional headquarters, trying to produce a community full of happiness and hope.
The principal activities of CC include its credit service, education for its members, culture and welfare projects for local communities, and local community development. Furthermore, CC provides basic financial services, such as savings, loans, domestic remittance, and currency exchange, and is involved in businesses commissioned by national public institutions. CC also operates libraries, senior citizen centers, nurseries, and wedding halls so as to provide essential services to local communities.
In addition to guiding and supervising CCs, KFCC manages the funds raised by CCs, acting as a central bank, conducts an insurance business for its members, and administers depositor protection reserve funds in order to protect the deposits of members. Moreover, KFCC offers educational programs for members and is actively engaged in public relations, ensuring that CC is firmly established as a leading financial institution for low-income people in Korea.
In addition, based on the strength of its domestic growth, KFCC is reinforcing cooperation with international institutions and cooperatives. To achieve this, KFCC is conducting research on domestic and global economies and is engaged in exchanges with foreign cooperatives in order to pursue international cooperation projects.
KFCC views it very positively to have opportunities to strengthen ties with ICA and international cooperatives and exchange the insight and vision about international affairs. Therefore, if there are any member institutions, hoping to visit us, we will be always more than welcome to share with them with our full heart, to the available extent.