Kim Eun-kyung, head of the Korea Financial Services Agency and the Credit Recovery Commission, emphasized the need to establish inclusive finance as a right for citizens through financial rights.
Speaking at the 'Third Policy Forum on Realizing Citizens' Financial Rights' held at the National Assembly in Yeouido, Seoul, on September 10, Kim stated, "If inclusive finance is a policy direction to ensure no one is excluded from financial services, then financial rights provide the legal and institutional foundation to establish that direction as a citizen's right and public responsibility."
To realize financial rights, Kim proposed four basic financial services: basic counseling and debt adjustment, basic insurance, basic loans, and basic savings.
Financial rights refer to the right of all citizens to access essential financial services necessary for their economic activities without discrimination. This concept aims to establish financial rights, which are inherent in the constitutional right to pursue happiness, as more concrete universal rights.
She added, "Basic counseling, debt adjustment, basic insurance, basic loans, and basic savings are not fragmented services but rather a single 'recovery pathway' that protects citizens in times of crisis and helps them rise again. We must ensure that citizens are protected in crises, can challenge themselves after failures, and that their diligent efforts lead to self-reliance and asset formation."
Kim also stressed the importance of clarity regarding who will be guaranteed what level of support, which institutions will share responsibilities, and how to establish stable funding and sustainable performance evaluation systems, stating, "For financial rights to become a tangible reality for citizens, we must fulfill our responsibilities to transform these rights from declarations into systems and into the daily lives of the people."
The forum was organized to discuss the institutional foundation and legislative and policy tasks related to the National Basic Financial Guarantee Act.
In her presentation, Professor Yoo Kyung-won from Sangmyung University noted, "While policy microfinance clearly serves as a financial safety net by replacing high-interest funds and buffering liquidity during crises, funding alone is not sufficient for citizens to rise again. We need to connect counseling, recovery, self-reliance, and asset formation as a cohesive flow."
Professor Han Jae-jun from Inha University, in his presentation on 'Institutional Development and Implications of Global Microfinance,' stated, "Major countries abroad operate a dual support system that combines loan assistance and subsidies in their policy microfinance. It appears that they actively link non-financial services such as counseling, education, and consulting, indicating a need to enhance complex support linkages further."
* This article has been translated by AI.
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