"South Korea as a Role Model" ShinHyup Central Association Becomes Asia's Example

2024 ACCU Forum and General Assembly Held in Bali, Indonesia
Participation in Keynote and Major Lectures
"Asian Countries Want to See and Learn"

At a forum gathering credit unions from the Asia region, the National Credit Union Federation of Korea (NACUFOK) set an example as a regional leader. NACUFOK introduced its advanced financial systems and inclusive financial services to various countries, and Kim Yoon-sik, the president of NACUFOK, succeeded in being re-elected as ACCU president for the fourth consecutive term.

NACUFOK announced on the 9th that it participated in the '2024 ACCU Forum and Annual General Meeting' held in Bali, Indonesia, from the 5th to the 8th. Approximately 500 credit union leaders from 30 Asian countries attended the event, where NACUFOK participated as the host country of ACCU.

On the 6th, at the 2024 Asian Credit Union Confederation (ACCU) Forum held in Bali, Indonesia, Kim Yoonsik, ACCU President (right in the photo), and Leni, ACCU Secretary General (left in the photo), stood side by side on the stage. [Photo by Shinhan Credit Union Central Council]

ACCU (Asian Confederation of Credit Unions) is an international credit union organization established in 1971 in Seoul by nine member countries including Korea, Hong Kong, the Philippines, Taiwan, Japan, Indonesia, Malaysia, Thailand, and Vietnam. Its purpose is to promote the development of the credit union movement in Asia, support establishment, and facilitate information exchange. Currently, there are 35,904 credit unions (including associate and cooperative members) across 23 countries, with approximately 54.3 million members. The total assets amount to 437 billion USD (about 611 trillion KRW).

Within ACCU, NACUFOK is regarded as a role model. Among the 16 full member countries, it ranked first last year based on total assets (149.7 trillion KRW). NACUFOK has also demonstrated strong leadership since ACCU’s founding. For example, Kang Jung-ryul, the first president of the Korea Federation of Credit Unions, led the establishment of ACCU and served as its first secretary-general for 11 years, promoting understanding and cooperation among Asian credit unions. The ACCU secretary-general leads the secretariat responsible for all ACCU-related operations. NACUFOK has also held the ACCU presidency more times than any other country. Since Lee Sang-ho, former NACUFOK president in 1982, subsequent presidents including Lee Jae-ho, Lee Han-woong, Park Jin-woo, Lim Ki-seok, Kwon Oh-man, and Moon Cheol-sang have served as ACCU presidents, making Korea the country with the most ACCU presidencies.

Member countries unanimously agree that there is much to learn from NACUFOK’s operational methods. In particular, there is great interest in NACUFOK’s management and supervision system for regional credit unions, its IT environment including computerized systems, and its inclusive finance initiatives. Primus Segang Lase, secretary-general of Indonesia’s Katulistiwa Credit Union, said, “Indonesia’s credit unions can benchmark this advanced organization and regard it as a role model. Especially impressive is its function to unify credit unions and the well-established staff training programs.” He added, “Indonesia’s credit unions are also planning to establish an educational institution and develop training programs for members.”

Eo Chung-sun, Head of IT Development Team at the National Credit Union Federation of Korea (second from the right in the photo), is holding a Q&A session after delivering a lecture emphasizing the importance of "bridging the digital divide." [Photo by National Credit Union Federation of Korea]

At this year’s Asian Credit Union Forum, NACUFOK participated as a speaker in key programs. On the 7th, Eo Chung-seon, head of NACUFOK’s IT Development Team, delivered a keynote speech highlighting that the accelerated digital technology development after COVID-19 has also caused social disparities, emphasizing the importance of ‘bridging the digital divide.’ He shared with member countries the development process of NACUFOK’s OnBank application, which ensures equal access to digital financial services for all age groups.

Later that afternoon, Kim Seul-gi, team leader of the NACUFOK Social Contribution Foundation, presented the foundation’s achievements over the past 10 years. She shared Korea’s credit union experience and accomplishments in eliminating welfare blind spots and driving community growth through cooperation and harmony. She also emphasized the capabilities, networking, and social contribution fund management that Asian credit unions need to develop for sustainable social progress.

Meanwhile, at the annual general meeting held the previous day, President Kim was re-elected as ACCU president, achieving a fourth consecutive term. This is the first time NACUFOK has achieved a four-term consecutive presidency at ACCU. He was also elected for the fourth consecutive term as a director of the World Council of Credit Unions (WOCCU) at its annual general meeting in July, serving until 2026.

Team Leader Kim Seul-gi of the Shinhan Social Contribution Foundation is presenting the foundation's 10th anniversary achievements.
[Photo by Shinhan Central Association]