[Exclusive] Saemaeul Geumgo Innovation Support Group Moves Under Regional Financial Support Division... Activities End on 28th

Expiration Date of Directive Extended to November 28
"Increase Staff by 3 to Continue Operations"

The Saemaeul Geumgo Innovation Support Team of the Ministry of the Interior and Safety will end its activity period on the 28th, and the existing regional financial support division, which manages and supervises Saemaeul Geumgo, will take over the duties of the Innovation Support Team. Three additional personnel will be assigned to the division to monitor the implementation status of the Saemaeul Geumgo innovation plan.

According to a comprehensive report by Asia Economy on the 20th, the Ministry of the Interior and Safety is currently reviewing this matter. Although there were prospects that the Innovation Support Team could be formalized to strengthen the management and supervision of Saemaeul Geumgo, it will instead be absorbed into the existing organization. A ministry official stated, "Since the workload will increase, we will increase the regional financial support division's quota by three people," adding, "The main tasks of the support team, such as checking and encouraging the implementation plan of innovations, will continue with a separate team."

The headquarters of Saemaeul Geumgo Central Association in Gangnam-gu, Seoul, on the afternoon of the 18th. Photo by Jo Yong-jun

The Innovation Support Team was a temporary task force (TF) established last year due to continuous adverse events such as the bank run (massive deposit withdrawals) crisis at Saemaeul Geumgo. It was responsible for monitoring the implementation status of the 'Management Innovation Plan for the Revitalization of Saemaeul Geumgo' prepared by Saemaeul Geumgo and its advisory body. The original operation period was six months, but it was extended by another six months in May to fully focus on implementing innovation tasks.

Even after the Innovation Support Team's operation ends, there is a stance that there will be no disruption in the innovation plan monitoring tasks. The official explained, "From an external perspective, people might worry because the task force is disbanded, but practically, there is no problem with the internal work," adding, "Rather, from now on, it can be stably promoted by a regular division instead of a temporary organization."

According to the Ministry of the Interior and Safety, as of this date, 44 out of 72 innovation tasks (61.1%) have been completed. Two tasks related to supervisory standards (notifications) will also be completed soon, and a total of 46 tasks are expected to be completed within this month.

In the future, divisions such as the Regional Economic Finance Division are expected to focus all efforts on passing legislative bills. This is because most of the remaining 26 unfinished tasks are legislative tasks (17 tasks). Core innovation tasks such as the single-term system for the central association president and the introduction of a professional management system are all legislative tasks. The proposed amendments to the Saemaeul Geumgo Act currently submitted to the National Assembly are scheduled to be presented for the first time at the full meeting of the Public Administration and Security Committee this afternoon.