Korea's top financial regulator on Friday sought to reassure depositors in the Korean Federation of Community Credit Cooperatives, the nation's primary mutual financial institution, that the government would ensure the safety of their assets. “I urge people to refrain from withdrawing their deposits from KFCC simply out of concerns, as it can lead to their financial losses,” Financial Services C.
SEOUL (Reuters) - South Korea is moving to significantly tighten the provisioning requirement on non-performing loans at major non-bank lenders in the face of a slump in the local real estate market and heightened concerns about the banking sector. | 03:09am
The Korean Federation of Community Credit Cooperatives is expanding international cooperation to help alleviate poverty in developing countries by sharing Koreans’ experience of doing so through savings. Under the guidance of the Ministry of the Interior and Safety, community credit cooperatives, known as Saemaul Geumgo, were set up in Myanmar in 2017, Uganda in 2018 and Laos in 2020. Currently, 53 branches in.