KDIC Elected as First Vice Chair of IFIGS in 11th Annual General Meeting

KDIC is elected as first vice chair of the IFIGS at the 11th Annual General Meeting in Madrid, Spain, on Oct. 18. KDIC President Yoo Jae-hoon poses for a photo with officials.

The Korea Deposit Insurance Corporation (KDIC) announced on Oct. 20 that it has been elected as first vice chair of the International Forum of Insurance Guarantee Schemes (IFIGS) at the 11th Annual General Meeting held in Madrid, Spain, on Oct. 18.

The International Forum of Insurance Policyholder Protection Organizations (IFIGS) is an organization established to promote international cooperation among insurance policyholder protection organizations with 34 organizations from 29 countries participating.

Thanks to this election, the KDIC will serve as first vice chair in 2025, chair in 2026, and second vice chair in 2027.

KDIC is a founding member of the IFIGS and serves as head of the IFIGS Information Sharing Working Group.

“After serving as a board member of the International Association of Deposit Insurers (IADI) in the banking sector and as a full member of the European Forum of Deposit Insurers–Investor Compensation Schemes (EFDI-ICS) in the securities sector, this election in the insurance sector has elevated the KDIC’s high international status,” a KDIC official said. “The KDIC will grow into an integrated deposit insurance organization covering not only the banking sector but the insurance and financial investment sectors.”

The KDIC holds “Happy Market for the Second Half of 2024” to support farmers and social economic enterprises at the main gate of its headquarters in Seoul on Oct. 2.

Happy Market to Support Farmers and Social Enterprises

The KDIC announced that it held “Happy Market for the Second Half of 2024” to support farmers and social economic enterprises at the main gate of its headquarters in Jung-gu, Seoul, in cooperation with Chungju City, NongHyup Economic Holdings, and Korea Agro-Fisheries & Food Trade Corporation on Oct. 2.

Happiness Market is a representative win-win growth project that has been conducted for 10 years since 2015. It is designed to provide farmers with opportunities to generate profits and citizens with opportunities to purchase agricultural products at reasonable prices.

A total of 15 organizations — 14 farming and fishing families and one social economic enterprise, participated in the project. A separate tourism promotion booth also ran in order to publicize tourist attractions in Chungju City which signed a regional development business agreement with the KDIC in June of this year.

On the other hand, the KDIC made agricultural and marine products purchased on this day into “Happy Packages” and donated them to 35 welfare facilities across the country.

On Sept. 30, Yoo Jae-hoon, president of the KDIC poses for a photo with Kang Seok-jin, chairman of KOSME in a signing ceremony to promote win-win growth with communities an social contributions. (Photos: KDIC)

Business Agreement with KOSME

On Sept. 30, the KDIC announced that it signed a business agreement with the Korea SMEs & Startups Agency (KOSME) to promote win-win growth with communities and social contributions.

Through the agreement, the KDIC and the KOSME agreed to establish a cooperation system for the coexistence and development of local communities based on their respective businesses and capabilities.

Specifically, the two agreed to join forces in the following areas - fostering local talent, strengthening the capabilities of young CEOs, supporting the financially marginalized and promoting mutual aid for ordinary people.

Through this agreement, the KDIC will strive to strengthen financial capabilities by providing customized financial education for local community members such as young CEOs, SMEs, and college students. In addition, it will continue to develop a regionally customized social contribution activity model to rev up local economies in cooperation with the KOSME.