Kamco-Ujeong Business Headquarters Sign MOU to Support Credit Recovery and Restart for Financially Vulnerable Groups

Support for Free Insurance Enrollment and Savings Account Subscription

KAMCO (Korea Asset Management Corporation) and the Korea Post announced on the 23rd that they signed a "Business Agreement for Credit Recovery and Restart Support for Financially Vulnerable Groups" at the KAMCO Yangjae Tower.

Through this business agreement, KAMCO will support the stable economic life of financially vulnerable groups by allowing basic livelihood security recipients and near-poverty class under the age of 65 who are faithfully repaying their debts under KAMCO’s debt adjustment agreements to enroll for free in the Korea Post product called "Happiness Insurance for 10,000 Won," an accident insurance.

Additionally, for those who have fully repaid their debts to KAMCO, the corporation will help debtors return to economic actors and build assets through a program where KAMCO will contribute an amount equal to the monthly repayment amount if the debtor saves that amount in a Korea Post savings account.

Jo Hae-geun, head of the Korea Post, said, “I hope this agreement will serve as an opportunity for financially vulnerable groups to make a fresh start,” and added, “I hope it will be a chance for both organizations to develop together.” Kwon Nam-joo, president of KAMCO, stated, “This agreement was prepared with the purpose of helping debtors who are faithfully repaying their debts to successfully reintegrate into society during a time of increasing economic difficulties,” and said, “KAMCO will continue to expand cooperation with various institutions to find ways to support debtors in overcoming difficult times caused by excessive debt.”

Meanwhile, KAMCO is carrying out various projects that can provide practical help for debtors’ restart, such as donating scholarships to the Korea Student Aid Foundation to support financially vulnerable students’ education, supporting the issuance of small credit cards for faithful repayors, and providing self-employment consulting and financial education.