KDIC offers training for foreign officials

Korea Deposit Insurance Corp. (KDIC) CEO Wi Seong-bak, seventh from left in the back row, smiles with officials from eight countries at the KDIC headquarters in Seoul, May 14. The officials are attending a three-day training program organized by the KDIC. Courtesy of the KDIC

By Lee Kyung-min

The Korea Deposit Insurance Corp. (KDIC) is running a special training program for foreign officials to share its knowledge and knowhow about deposit insurance and risk management, the state-run organization said, Tuesday.

The three-day program, attended by 16 officials from eight countries, was launched in Chungju, North Chungcheong Province.

Participating countries include India, Indonesia, Mongolia, Kenya, Uganda, Zimbabwe, Thailand and Albania.

The KDIC shared years of experience following the Asian financial crisis in 1997 when 787 financial services firms went bankrupt.

Lessons from a savings banks fiasco in 2011, when 31 major savings banks shut down due to financially unsound management, will also be shared.

“The training was launched in June 2017 at the request of 17 developing countries and we have since been happily offering our help,” a KDIC official said.

“Besides that, we have been offering consultations on establishing institutional frameworks and IT systems since 2010,” he added.

On May 14, a lecture on the Asian emerging market growth was given, followed by one on the state-run deposit insurance system.

The second day program includes lectures on insurance payouts, streamlining financially troubled firms, risk monitoring and fund management.

The KDIC program has gained recognition in line with the former's growing standing in the international stage.

KDIC CEO Wi Seong-bak serves as an executive council member for the International Association of Deposit Insurers.