'National Credit Union Federation of Korea'

2022 International Affairs Highlights

WOCCU first WOCCU BOD Meeting after pandemic in Korea

In 2022, the World Council of Credit Unions (WOCCU) resumed in-person board meetings after a hiatus due to the pandemic. The first in-person meeting took place in April in Korea, marking the first session in two and a half years. Korea was originally to host the meeting in 2020 in commemoration of the 60th anniversary of Korean credit unions, but plans were postponed due to COVID-19.

Eleven board members, including WOCCU Vice President Diana Dykstra and CEO Elisa McBodre, attended in person. The group engaged in fruitful sessions at the CU Training Center and toured local credit unions, such as Geumbit and Yeongnong credit unions in Jeju Island, for a better understanding of Korean credit union operations and networks.

During the meeting, NACUFOK announced a grant of $100,000 annually for up to three years to support the digitalization of Caribbean credit unions. The funds will be administered through the World CU Foundation, to bolster vulnerable regions' digital transformation.

Following the meeting in Korea, the board continued its in-person sessions in Glasgow, Scotland, in July, and in Chicago, USA, in October.

WOCCU BOD

2022World Credit Union Conference(WCUC)

The World Credit Union Conference returned to in-person sessions in Glasgow, Scotland, from July 17-20, 2022. Co-organized by the World Credit Union Council and the Association of British Credit Unions Limited (ABCUL), the conference welcomed over 1,600 attendees from 51 countries.

The event featured a range of keynote speakers, including future strategist Ian Khan on organizational resilience, Keren Elazari on the latest security trends, and Belinda Parmar, creator of the Global Empathy Index, on empathetic leadership. Attendees could also participate in breakout sessions covering topics like fintech, cybersecurity, governance, customer journey, and membership.

Beyond the lectures, the conference provided a platform for individual meetings and networking opportunities. NACUFOK Chairman Younsik Kim met with Mr. Ting Ayam, President of SNCF in Singapore, to discuss mutual collaboration, and engaged with Ms. Dennis Garfield, General Manager of the Caribbean Confederation of Credit Unions, regarding NACUFOK’s grant for the digitalization of Caribbean credit unions.

The next World Credit Union Conference will be held in Vancouver, Canada, in July 2023.

Dissolution of the COVID-19 Response Committee

The World Credit Union Council's COVID-19 Response Committee was established in July 2020 to aid member credit unions worldwide in recovering from the pandemic. Led by Younsik Kim, a board member from Korea, the committee included three WOCCU board members, and four other members each representing a different continent, in order to share current statuses and to coordinate a response.

Under Kim's leadership, the committee implemented a systematic strategy to help credit unions and their members recover from economic losses from the pandemic. For two years, it provided proactive measures such as distributing 70,000 masks and holding nine meetings and four webinars to share vaccine and case updates, aiding in the recovery of credit unions worldwide.

As the global situation has improved in 2022 with increased vaccination rates and the resumption of in-person events, the COVID-19 Response Committee concluded its mission. In June 2022, the committee discussed its dissolution, which was subsequently approved by the WOCCU Board of Directors.

ACCU Resumes In-Person Events

The Asian Credit Union Association held its first in-person Annual General Meeting in three years in September 2022. During the meeting, Younsik Kim was unanimously re-elected as President of the association, marking a historic moment by becoming the first President in the association’s history to be elected to two consecutive terms. First elected in September 2018, Kim secured automatic re-appointment in 2020, and was re-elected in 2022, totaling a leadership period of 6 years. The next Annual General Meeting is set for September 2023 in Kathmandu, Nepal.

In August 2022, the Asian Credit Union Forum also resumed in-person in Bangkok, Thailand. The forum was co-hosted by ACCU, CULT, and FSCT. This marked the first face-to-face forum in three years, where 335 credit union officials and members from 16 Asian countries attended.

The forum focused on the theme of "Greener, Inclusive, Resilient Path to COVID-19" and discussed the impacts international issues such as climate change, disease, and extreme poverty have on credit unions in Asia. It aimed to address these issues and explore solutions for credit unions in the region.

Topics of discussion included the impact of COVID-19 on Asian credit unions, leadership during crises, leadership transitions, and applying the Sustainable Development Goals (SDGs) to improve CU resilience and relationships.

ACCU Events in 2022

Global Bridges Program Stengthens Ties between Korean and Oregon Credit Unions

In May 2022, the program facilitated a significant exchange between Oregon State credit unions in the United States and their Korean counterparts.

The Global Bridges program, initiated by WOCCU’s Worldwide Foundation in 2020, aims to expand the reach and services of credit unions within the Korean American community in North America. Oregon's five participating credit unions include Unitus, Rivermark, Advantis, Northwest Community, and Oregon Community Credit Unions.

Throughout the pandemic, NACUFOK conducted and participated in eight webinars between 2021 and 2022 to share updates and tackle challenges such as IT systems and marketing strategies. Once travel restrictions eased, a team from NACUFOK traveled to Oregon in 2022 to review progress and engage with Oregon credit unions in person, and focused on sharing management strategies and fostering mutual understanding.

In November 2022, Michael Reuter, Executive Director of the Worldwide Foundation, and 27 staff members from Oregon credit unions participating in the program, visited Korea as part of the Global Bridges program. The group toured various credit union facilities, including NACUFOK headquarters, training institue, and local credit unions.

The exchange culminated in seminars where the two groups shared credit union operating strategies and identified differences between organizations, seeking avenues for mutual improvement. The Global Bridges program represents a significant effort to promote collaboration and shared growth between credit unions across the Pacific.

Global Bridges Program 2022

Fostering Cooperative Relations with the Cambodian Embassy

In May 2022, the Cambodian Ambassador to Korea, Mr. Chirung Botomrangsay, and embassy officials visited NACUFOK headquarters and training institute to learn from and to discuss issues related to cooperatives, in an aim to improve access to financial services for the growing number of multicultural families in Korea.

Building on this collaboration, in September 2022, NACUFOK and the Cambodian Embassy signed a Memorandum of Understanding for the economic independence and improved welfare of multicultural families in Korea. This agreement aims to promote financial services for multicultural families, and improve the living and working conditions of the Cambodian community in Korea.

Continuing this partnership, a Korean credit union delegation visited the Cambodian Embassy in Korea in November 2022 to discuss further collaboration. They agreed on comprehensive measures to enhance economic independence and welfare for multicultural families, solidifying their ongoing commitment to mutual progress and support.