Shinbokwi Launches Joint Research and Exchange Cooperation with International Organizations on 'K-Serin Finance'

Lee Gyemun, Chairman of the Credit Recovery Committee (left), and Paul Rade, Director of the UN Social Development Research Institute, are taking a commemorative photo. Photo by Credit Recovery Committee

[Asia Economy Reporter Song Seung-seop] The Credit Recovery Committee announced on the 6th that it has signed a memorandum of understanding (MOU) with the UN (United Nations) Research Institute for Social Development and the UN SDGs Association to promote joint research and exchange cooperation aimed at supporting the financial recovery of vulnerable groups and reducing the wealth gap.

The agreement, signed on the 3rd, was pursued to promote sustainable development by researching and cooperating on ways to contribute socially, such as reducing the wealth gap. The ‘Financial Support Model for Low-income People by the Credit Recovery Committee through Digital Innovation,’ officially adopted as a statement at the 59th UN Commission for Social Development earlier this year, influenced this initiative.

The UN Research Institute for Social Development, established in 1963, is a research institute directly under the UN Economic and Social Council. It conducts research related to social development pursued by the UN. The UN SDGs Association is a special consultative status organization to the UN Economic and Social Council that provides advice to corporations and government agencies with the goal of sustainable development and ESG (Environmental, Social, and Governance).

According to the agreement, these institutions will promote ▲ globalization of low-income financial models through digital innovation ▲ international academic exchange in the field of low-income finance such as debt adjustment ▲ research on measures to reduce the wealth gap through support for the financial recovery of vulnerable groups ▲ establishment of an international credit safety net post-COVID-19 through joint research and exchange cooperation.

Paul Radd, Director of the UN Research Institute for Social Development, said, “Debt adjustment and low-income financial models through digital innovation can be a good model worldwide as an ‘alternative economy for change,’” and added, “We will actively cooperate in joint research.”

Lee Gye-mun, Chairman of the Credit Recovery Committee, also emphasized, “The socio-economic polarization worldwide has deepened after COVID-19,” and said, “We will seek ways to contribute to sustainable development, such as reducing the wealth gap, through joint research.”