National Credit Union Federation and Chungnam to Promote Cooperation for Revitalizing the Social Economy

The National Credit Union Federation of Korea announced on May 27 that it will collaborate with Chungnam Province to implement detailed support projects aimed at revitalizing the social economy within the province. This initiative follows the business agreement for the operation of the Social Economy Fund signed in January.

As part of this agreement, the National Credit Union Federation will provide the tax accounting program "Shinhyup Eolmaeyo" free of charge for the next five years to 50 cooperatives in the province. This program, developed exclusively for cooperatives by the National Credit Union Federation since 2015, had already been provided free of charge with a total value of 680 million won as of April this year.

In addition, for primary partner cooperatives, the Federation will support business promotion and market expansion through the membership-specialized application "Shinhyup Life On." "Life On" is a platform that not only offers financial services but also features a direct marketplace, and is expected to effectively support the distribution and marketing of cooperative products.

Jongbok Park, Director of Economic Planning at Chungnam Provincial Government's Industry and Economy Office (left), and Kyuhui Park, Head of Happiness Sharing Division at the National Credit Union Federation of Korea (right), are posing for a photo holding a business agreement. Photo by National Credit Union Federation of Korea

On May 22, the National Credit Union Federation signed a business agreement with Chungnam Province to promote cooperative projects for revitalizing the social economy in Chungnam at the conference hall of the Chungnam Social Economy Innovation Town. The signing ceremony was attended by approximately 60 people, including 10 officials from the provincial government led by Jongbok Park, Director of Economic Planning at Chungnam Provincial Government's Industry and Economy Office, 4 representatives from the National Credit Union Federation including Kyuhui Park, Head of Happiness Sharing Division, 40 representatives from social economy organizations in the province, and 4 officials from iQuest.

Kyuhui Park, Head of the Happiness Sharing Division, stated, "This free provision of the tax accounting program will contribute to enhancing accounting transparency and strengthening the financial management capabilities of cooperatives." She emphasized, "We will continue to take the lead in practicing inclusive finance that grows together with the local community by expanding customized financial support and cooperative projects."