CIC participates in CIFC's “Knowledge Sharing Initiative” program

The program was attended by Vietnamese Ambassador to Korea Nguyen Vu Tung, Mr. Park JongKyu - Chairman of the Korea International Financial Cooperation Council (CIFC), a delegation from the State Bank, the Ministry of Finance , CIC, Korean financial institutions, public and private credit institutions in Korea and members of CIFC.

CIFC was established by the International Financial Cooperation Working Group, currently has 24 members operating in the fields of Credit Finance, Capital Markets, Insurance and Guarantees, and Financial Infrastructure.

“Knowledge Sharing Initiative” is a program organized annually by CIFC and invites international members and partners to participate in order to strengthen the relationship between Korea and other countries.

Mr. Le Anh Tuan - Deputy General Director of CIC presented at the workshop. Photo: Thien Truong

On October 30, 2023, the delegation attended the Workshop "Vietnam - Korea Financial Cooperation" with the topics "Practices of Vietnam's financial market" and "Some Vietnam - Korea financial cooperation activities in recent times".

Here, Mr. Le Anh Tuan gave a presentation on “Promoting credit information activities in Vietnam – Perspective on enhancing Vietnam-Korea cooperation”. He highlighted the process of formation and development and achievements of the credit information system in Vietnam, the current status of the legal framework affecting the activities of organizations operating in this field.

At the same time, he also highly appreciated the participation of Korean financial institutions in Vietnam in building and developing Vietnam's financial infrastructure in general and the credit information system in particular.

He also affirmed that CIC has been and will continue to expand its database, promote the application of new technology to develop value-added products, better meet the diverse needs of customers, especially contributing to promoting the safe and sustainable development of Korean financial institutions in Vietnam.

Photo of the working delegation at the headquarters of the Korean Banking Association KFB. Photo: Thien Truong

During the next 3 days, the delegation worked with a number of partners who are members of CIFC including the Korea Federation of Banks (KFB), Industrial Bank of Korea (IBK), Financial Security Institute (FSI), Seoul Guarantee Insurance (SGI), Credit Information Corporation (CIC) KCB, NICE Information Services Corporation, and Korea Public Credit Information Agency (KCIS).

The parties discussed issues of concern such as: credit granting activities for small and medium enterprises; introduction of guarantee insurance activities and the role of TTTD in guarantee insurance activities; Korean TTTD system and TTTD activities of service providers in the era of digital finance, creative finance to promote financial inclusion, telecommunications scoring activities (Telco); development of a network security control system to promote sustainable creative digital finance...

The delegation visited and worked at the KCB headquarters. Photo: Thien Truong

“This trip is a good opportunity for financial institutions and Korean partners to grasp the development process and current status of Vietnam's financial infrastructure, and also helps the delegation of the State Bank, Ministry of Finance, and CIC grasp new development trends of Korean financial, insurance, and banking institutions, as well as their needs and recommendations to support business development in Vietnam.

The parties also understand each other's activities better, thereby considering cooperation opportunities in Vietnam in the future" - Mr. Tuan shared after returning from the business trip.

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