The Korea Financial Services Agency and the Credit Recovery Commission shared their experiences in operating Korea's policy on community finance and debt adjustment with the Laos Central Bank.
On October 12, the two agencies conducted a training session for employees of the Laos Central Bank at the Credit Recovery Commission headquarters in Seoul, aimed at expanding inclusive finance.
This training was organized in connection with the Bank of Korea's knowledge exchange program, the 'Laos Inclusive Finance Policy Advisory' project. Laos is currently working to improve access to financial services for residents in rural areas, low-income individuals, women, and small business owners.
During the visit, employees from the Laos Central Bank toured the Central Integrated Support Center for Community Finance, observing the operational methods that range from consultations and financial diagnostics to financial support, debt adjustment, and connections to employment and welfare services.
Kim Eun-kyung, head of the Korea Financial Services Agency and the Credit Recovery Commission, delivered a lecture titled 'Beyond Inclusive Finance to Financial Basic Rights.' She explained that even in Korea, where financial and digital technologies have advanced, disparities in income, credit information, and financial literacy still limit access to financial services.
She introduced the 'K-Community Finance' model, which integrates policy community finance and debt adjustment with comprehensive support for financial education, credit and debt management consulting, and employment and welfare services. This model provides tailored support based on the financial users' circumstances, from funding assistance to debt relief, credit recovery, and economic independence.
In a subsequent Q&A session, participants discussed how to leverage Korea's operational experiences to improve financial accessibility in rural and mountainous areas, respond to illegal private lending, and enhance debt adjustment systems in Laos.
Kim stated, "Finance is the foundation for citizens to protect their lives, restart after crises, and prepare for the future. We will continue to promote the philosophy of financial basic rights and share our K-Community Finance experiences with the international community to support the expansion of inclusive finance in Laos."
* This article has been translated by AI.
Copyright ⓒ Aju Press All rights reserved.