Attending the signing ceremony were Mr. Cao Van Binh - Chairman of CIC Management Board, Mr. Le Anh Tuan - Deputy General Director of CIC; Mr. Jong Sup Hwang - General Director of KCB, Mr. Dae Young Kim - Director of Foreign Products and Ms. Jennifer Minsook Chae - Director of Cross-Border Information Exchange Initiative.
According to the Vietnam Union of Friendship Organizations, there are currently more than 235,000 Vietnamese people living in Korea. In 2023 alone, 10,900 Vietnamese workers went to Korea to work under the Korean Government's foreign worker permit program (EPS Program). In the first 10 months of 2024, more than 10,800 Vietnamese workers went to Korea and the number is expected to exceed 15,000 in 2024.
With the strength of being a large credit information company in Korea with a credit information database covering 97% of the economically active population and 85% of the total population of Korea, the cooperation agreement between CIC and KCB will help both sides utilize their resources in the credit information field to realize their goals.
Specifically, increase access to financial products and services for Vietnamese and Korean citizens by allowing them to use their credit history.
Narrowing the financial inclusion gap for Vietnamese returnees, ensuring seamless financial transition and continued access to financial services in Vietnam after workers return home.
Support credit risk management and promote the stability of the regional financial system by increasing credit coverage.
Speaking at the Memorandum of Understanding signing ceremony, Mr. Cao Van Binh, Chairman of the CIC Management Board, said that CIC is committed to accompanying and cooperating closely with KCB to build and operate the cross-border TTTD data sharing system in the most effective way, promoting the set goals.
KCB representative, Mr. Jong Sup Hwang, General Director of KCB emphasized that the Memorandum of Understanding marks the first step in promoting cooperation between the two parties in the field of cross-border credit information sharing. This will open up new opportunities in the market and enhance risk management capabilities, providing financial institutions with the necessary information for credit assessment.
Previously, in December 2024, CIC signed a similar Memorandum of Understanding with NICE Information Services Company and JB Finance Group of Korea, thereby opening up greater access to credit for Vietnamese people living and working in Korea, promoting financial inclusion and contributing to economic development and deeper financial cooperation between the two countries.
It is expected that in 2025, CIC and related parties will promote the development and completion of technical solutions so that cross-border TTTD exchange activities can be operated soon to support the people of Vietnam and Korea.
