'Introduction and Operation Plan of the Win-Win Finance Index' Announced
Korea Federation of SMEs: "Essential for Realizing Win-Win Finance"
The Korea Federation of SMEs announced that it held a “Forum on the Introduction of the Win-Win Finance Index for SMEs” on the 18th at the Federation of SMEs in Yeouido, Seoul, in collaboration with the Korean Association for Small and Medium Venture Business Policy.
The forum was organized to discuss the introduction of the Win-Win Finance Index, an indicator that evaluates the joint growth efforts of SMEs and banks. Jung Yun-mo, Executive Vice President of the Federation of SMEs, and Kim Do-seong, President of the Korean Association for Small and Medium Venture Business Policy, delivered the opening remarks, while Oh Young-gyo, Chairman of the Win-Win Growth Committee, gave the welcoming address.
The first presenter at the forum, Professor Lim Chae-woon of Sogang University, explained “The Role of Win-Win Finance for the Innovative Growth of SMEs.” Professor Lim stated, “Korean SMEs, which are highly dependent on banks, are experiencing management difficulties due to increased loan amounts and sharp interest rate hikes following COVID-19, which have increased their interest burdens.”
He continued, “To foster innovation and growth in SMEs, it is urgent to change the banking business model so that banks supply funds and play a role in contributing to industrial development and economic growth,” adding, “The current benevolent concept of win-win finance must be redefined as a concept of co-growth between SMEs and banks.”
Professor Noh Yong-hwan of Seoul Women’s University presented on “The Introduction and Operation Plan of the Win-Win Finance Index.” Professor Noh pointed out, “Banks’ win-win finance targets are skewed toward financially vulnerable groups and small business owners, resulting in insufficient win-win finance performance for SMEs.”
He emphasized, “Cooperation between large corporations and SMEs in the real sector through the evaluation of the Win-Win Growth Index alone is insufficient,” and “Through the introduction of the Win-Win Finance Index, a balanced economic ecosystem supported by the real, financial, and public sectors must be established.”
The comprehensive discussion included participants such as Professor Han Jeong-hwa of Hanyang University, who served as the chair, Kang Young-su, Director of the Banking Division at the Financial Services Commission, Professor Kim Yong-jin of Sogang University, Park Chi-hyung, Director of Operations at the Win-Win Growth Committee, Seo Kyung-ran, Head of the IBK Economic Research Institute, and Chu Moon-gap, Head of the Economic Policy Division at the Federation of SMEs.
Director Chu stated, “The Win-Win Finance Index is an essential system to realize win-win finance that SMEs can actually feel,” and added, “To promote the co-growth of banks and SMEs, we will actively review the opinions of SMEs and banks discussed today and continue to listen to various opinions going forward.”
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