Seoul hosted the International Symposium on Social and Solidarity Finance, organised by the Korean Federation of Community Credit Cooperatives (KFCC) in collaboration with the Ministry of the Interior and Safety. The event brought together representatives from the cooperative banking sector, policymakers, financial experts and international organisations to exchange experiences and discuss the role of social finance in regional economic and social development.
Held at the Paikbum Kim Koo Museum & Library, the symposium gathered around 300 participants from Korea and abroad, including representatives from organisations such as the European Association of Co-operative Banks (EACB) and the Global Alliance for Banking on Values, providing a global perspective to the discussions.
The symposium highlighted the importance of social and solidarity finance as a tool to strengthen the social economy. According to KFCC, this model goes beyond profit generation by channelling resources towards cooperatives, community enterprises and other entities that contribute to local development.
During the opening session, Interior Minister Yun Ho-jung emphasised the need for social economy initiatives to be supported not only by financial resources but also by a solid institutional framework. He stressed the importance of moving towards a model that serves as key infrastructure for the social and solidarity economy, enabling the circulation of resources within communities and ensuring stable funding where it is most needed.
An international programme
The programme included an initial session focused on international experiences, with experts from France, Spain and the United States sharing examples of best practices in cooperative finance.
Among them, the case of Crédit Mutuel in France was highlighted as a model of community banking that supports local development through investment and advisory services for regional businesses. The role of cooperation among entities in Spain was also emphasised, as it has expanded access to finance across sectors and territories. In addition, Southern Bancorp in the United States was presented as an example of regional revitalisation through financial education, local investment and partnerships with communities.
A panel discussion then explored how these models could be adapted to the Korean context. Participants agreed on the need to develop a domestic system of social and solidarity finance that reflects the country’s specific characteristics.
Various policy and regulatory initiatives were also presented, including legislative proposals, governance measures and KFCC’s strategic Vision 2030 plan, aimed at strengthening support for local communities and businesses.
