Koh Young-chul, chairman of the National Credit Union Federation of Korea (NACUFOK), met with Paul Treinen, secretary-general of the World Council of Credit Unions (WOCCU), to discuss ways to expand the role of Korean credit unions within the international credit union movement ahead of his term as a WOCCU board member.
NACUFOK said Monday that Koh met with Treinen the previous day at the federation's Seoul office to exchange views on key issues facing the WOCCU board and measures to strengthen international cooperation.
WOCCU is an international organization representing credit unions and financial cooperatives worldwide. It supports the growth and cooperation of credit unions in various countries, the expansion of financial inclusion, and institutional improvements. Treinen is leading WOCCU's international policy response, cooperation among member countries, and the strengthening of education and exchange programs.
Koh will serve as a WOCCU board member from this year through 2028. After the WOCCU annual meeting to be held in Sydney, Australia, in July, he is scheduled to join one of three committees: the Audit and Risk Management Committee, the Governance and Elections Committee, or the Refugee, Reconstruction and Relief Committee.
The meeting, which lasted about two hours, also covered the roles and key agendas of the committees Koh could potentially join. The Audit and Risk Management Committee is the body that reviews financial soundness, audit systems, and risk management. The Governance and Elections Committee handles governance-related matters such as board composition, bylaws, and election procedures. The Refugee, Reconstruction and Relief Committee is responsible for rebuilding credit unions in conflict and disaster areas, restoring access to financial services, and supporting relief activities.
The two sides also shared key items to be addressed at the July annual meeting and board meeting in Sydney. Koh attended the WOCCU board meeting held in Kenya in April via video conference, where he exchanged first greetings with board members.
The meeting featured a broad discussion of the achievements Korean credit unions have made in contributing to the international credit union movement and the direction of future cooperation. Key tasks for global cooperative finance, including the development of Asian credit unions, support for credit unions in developing countries, and the expansion of financial inclusion, were also raised on the agenda.
"Korean credit unions have grown based on the cooperative values of member-centered finance and mutual prosperity with local communities," Koh said. "Through my activities as a WOCCU board member, I will share Korean credit unions' experience with the international community and make a substantial contribution to the development of the global credit union movement."
