“As it is inevitable to expand the roles of finance for the recovery of Korea’s economy, KAMCO will focus on supporting vulnerable sectors, such as households and businesses as a safety device for the national economy,” Kwon Nam-joo, president of Korea Asset Management Corporation (KAMCO), said on Jan. 2.
“This year, the Korean economy will enter an era of so many uncertainties and face unprecedented changes and challenges,” said Kwon in his New Year’s message at the 2025 New Year’s Kick-off Meeting at the KAMCO headquarters in the Busan International Financial Center (BIFC).
“In 2024, despite difficulties in carrying out policy projects and expanding our business, KAMCO achieved positive results based on its employees’ passions and dedication, including supporting small businesses and the self-employed by actively expanding the New Start Fund system, contributing to the stabilization of the Korean financial market by intensively acquiring non-performing loans of vulnerable financial institutions, and promptly executing investments with the PF Business Normalization Support Fund.”
“We need to build a trusted KAMCO with expertise and competitiveness to carry out government policies smoothly,” Kwon said. “Let’s take a step forward to make KAMCO become a ‘100-year-old company’ that creates a healthy organizational culture and grows continuously through innovation down the road.”
Kwon also presented KAMCO’s key initiatives by business segment for 2025.
In the household support segment, the company will strengthen support for small businesses and self-employed people to fully benefit from the New Start Fund.
It will also continue to underwrite non-performing loans to enhance the soundness of financial companies and support the recovery of vulnerable borrowers and effective support measures for long-term delinquent borrowers.
In the corporate support sector, KAMCO will strengthen tailored support for post-restructuring companies, including the acquisition of corporate assets and the expansion of debtor-in-possession (DIP) financing and continue to create funds for policy implementation purposes, such as the normalization of real estate PF business sites.
In the public support sector, KAMCO will identify and respond to the needs of relevant ministries to support the revitalization of the Korean economy through the development of state-owned property and the utilization of idle state-owned property.
It will also promote projects that are in line with the public interest such as supporting rental housing in downtown area of cities.
Public MyData Service Utilization to Simplify Debt Mediation Applications
KAMCO announced that it will introduce a system linked to the Ministry of the Interior and Safety’s Public MyData Service to significantly simplify the process of applying for debt restructurings at KAMCO and the New Start Fund beginning from Dec. 30 of 2024.
The Public My Data Service is a public service that utilizes the right of information subjects to request the provision of personal information held by the Korean central government, local governments, and public institutions to transmit their personal information to desired destinations.
Prior to the system connection, it was inconvenient for debtors to apply for debt restructurings for KAMCO’s non-performing loans and New Start Fund-acquired bonds, as they had to obtain various necessary documents such as national ID cards and proof of income directly from individual institutions and submit them to KAMCO.
However, by applying public MyData to OnCredit (www.oncredit.or.kr), KAMCO’s personal credit support portal, and the New Start Fund (www.newstartfund.or.kr), it is now possible to easily submit a total of 32 documents required for debt settlement applications, such as a certificate of basic living income and a business registration certificate, with one click.
This is expected to improve customer convenience by eliminating the inconvenience and hassle of a debt settlement application process, and to block the risk of personal information leaksby transmitting and managing administrative information electronically through an electronic system rather than paperwork.
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