'Guarantee, and Beyond'... Shinbo Announces New Vision Framework

2023 Major Business Promotion Plans Also Released

[Asia Economy Reporter Yu Je-hoon] On the 10th, the Korea Credit Guarantee Fund (KODIT) held the 1st National Headquarters Branch Managers Meeting of 2023 at its Daegu headquarters and announced the proclamation of the 'New Vision System and Future Business Innovation Plan.'

KODIT, the largest credit guarantee institution in Korea, has significantly expanded its business scope and scale during the policy implementation process to overcome the COVID-19 pandemic and the triple high (high inflation, high interest rates, high exchange rates) complex crisis. Accordingly, KODIT established a new vision system after about three months of collecting opinions from an internal and external Future Development Advisory Group to redefine the institution's identity and redesign its vision.

The newly established vision of KODIT maintains the existing vision of "A Partner Empowering Companies' Challenges and Growth" while adding "Beyond Guarantee." KODIT explained that this reflects its plan to leap forward as a comprehensive solution provider for corporate support.

At the meeting, KODIT set five major business innovation directions to realize the new vision system: ▲Creating a foundation for companies' self-sustaining growth ▲Strengthening the public safety net ▲Contributing to the spread of the data economy ▲Enhancing risk management and cooperation networks for sustainable management ▲Creating a happy workplace for all and innovating work processes.

To actively promote business innovation, KODIT newly established the ▲Big Data Department to oversee data projects such as developing big data-based credit evaluation models and building a big data platform, and the ▲International Cooperation Center to advance as a leading global policy finance institution. Additionally, the ▲Policy Hub Team, a dedicated organization for providing demand-centered convergence comprehensive solutions, is being piloted.

Meanwhile, the meeting also announced KODIT's '2023 Major Business Promotion Plan.' According to the plan, KODIT will operate a total guarantee volume of 89.7 trillion KRW, an increase of 9.4 trillion KRW compared to the previous year, maintaining an expansionary guarantee policy.

In particular, to proactively respond to the complex crisis, KODIT will supply 60.5 trillion KRW in general guarantees and 5.4 trillion KRW in securitization company guarantees to stabilize the bond market, thereby facilitating smooth funding and stable growth for small and medium-sized enterprises (SMEs). Furthermore, KODIT plans to underwrite 21.2 trillion KRW in credit insurance to prevent chain bankruptcies among SMEs.

Chairman Choi Won-mok stated, "As the role of KODIT, a policy finance institution, becomes increasingly important in responding to the uncertainties and volatility of our economy, we must fulfill our role and responsibility as a reliable economic safety net and a partner in corporate growth." He added, "Let us boldly challenge and change in line with the newly established new vision and open a new future for KODIT together."