Korea Deposit Insurance Corp.(KDIC) announced that its blueprint will be ready for taking preemptive moves to stabilize the financial market and strengthen depositor protection.
The KDIC will have the capacity to take measures to prevent financial mishaps in this era when changes in the financial market occur without warning. The KDIC set up 10 future strategic agenda items in four major financial areas, and launched an agency to manage the changes to overcome them.
The company held a ceremony on Sept. 23 at its head office in downtown Seoul to announce the new vision and agenda.
President Gwak Bum-gook unveiled a new vision to ensure further development of the deposit system and to take care of new challenges ahead with the company scheduled to celebrate its 20th anniversary in June next year to make the company a top depositor protection service organization in the country.
Sohn Son-myung, head of the future strategy planning team of the Planning and Readjustment Department, said, “we have to look back the history of the company with the company’s financial structure restructuring about to be completed next year in time for the 20th anniversary and reestablish the directions that the company will take in the future.”
The KDIC has been playing its roles to prevent financial insolvencies, but in the days ahead, the company will focus on preventing them before they occur with tight risk management.
The company’s four major areas include risk management of the financial market; effective management of default cases and recovery of assets; advancement of deposit systems; and strengthening organizational capacity. The company will focus on the crisis management of the financial market with its call for preemptive measures for the prevention of financial insolvencies. Thus, the company will strengthen its risk management capacity by expanding a stable financial market function before financial insolvencies occur.
The Korea Deposit Insurance Corporation (KDIC) was established in 1996 to protect depositors and promote to financial stability by guaranteeing deposits in the event of a financial institution's failure.
Now, the KDIC wants to share its knowledge and expertise gained through operating the deposit insurance system (DIS), handling financial crises and implementing a financial infrastructure with other deposit insurers around the world. Global-KDIC KSP (Knowledge Sharing Program) is connected to KSP, an Official Development Assistance (ODA) program offered by the Korean government to share development experience. Global-KDIC KSP is designed to share the KDIC's knowledge and expertise as a way to return the favor that the KDIC has received from the international community.
Background
Korea was in a state of devastation after colonization and a civil war. In just half a century, however, Korea turned itself from one of the poorest nations in the world with a per-capita GDP of $67 into a global powerhouse whose GDP per capita now exceeds $20,000. As a small, open economy, Korea gained unique experiences in building a sound financial system and an effective financial safety net by overcoming the 1997 Asian financial crisis. Building upon that knowledge, Korea dealt successfully with the recent global financial crisis. Many developing countries have taken great interest in the economic success of Korea including its DIS. The KDIC is ready to share its knowledge and expertise gained through its 15-year history. As a first step, the KDIC has launched the "Global- KDIC KSP" to share its knowledge and expertise in implementing the DIS.
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