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Busan City and the Financial Services Commission Sign MOU to Establish a Collaborative System for Strengthened Financial and Welfare Support

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– First pilot project of its kind among metropolitan governments –

On April 11, the City of Busan (Mayor Park Heong-joon) announced that it has signed a Memorandum of Understanding (MOU) with the Financial Services Commission (FSC) to launch the first-ever pilot project among metropolitan governments. The agreement aims to make financial and welfare services more accessible on the ground for local residents.

The MOU seeks to establish a collaborative framework to fundamentally and effectively support vulnerable populations through a comprehensive approach to financial and welfare services.

The signing ceremony took place at 2:00 PM in the FSC’s main conference room (Government Complex Seoul), attended by officials from Busan Metropolitan City, the FSC, Korea Inclusive Finance Agency, and the Credit Counseling & Recovery Service.

Key Areas of Cooperation

Under the MOU, Busan City and the FSC will cooperate in three key areas:

• 1.On-site Integrated Support Services

• ○Busan City will identify and assess financial service needs among vulnerable residents and refer them to the FSC.

• ○The FSC (through the Korea Inclusive Finance Agency) will provide mobile financial services, such as financial counseling and helping citizens reclaim dormant accounts.

• 2.Integrated Field Education

• ○The City’s community welfare centers and the Inclusive Finance Support Centers will conduct mutual site visits.

• ○Staff from each institution will receive cross-disciplinary training to strengthen their understanding of both welfare and financial service systems.

• 3.Customized Local Policy Promotion

• ○Locally tailored promotional campaigns will be implemented using regional communication resources to effectively raise awareness of available support services.

Remarks from Mayor Park Heong-joon

“Vulnerable populations often face complex and overlapping challenges such as illness due to economic hardship, unstable housing, unemployment, and credit issues,” said Mayor Park. “Through this agreement, integrated welfare and financial counseling services will enable citizens to receive prompt and appropriate support. We are committed to ensuring that this combined support model is successfully implemented.”

Contact Information

Financial Services Commission

• ●Team Leader: Jeon Eun-joo | Tel: 02-2100-1652

• ●Officer: Park Min-kyu | Tel: 02-2100-1654

Busan Metropolitan City

• ●Director: Hwang Soon-gil | Tel: 051-888-3150

• ●Team Lead: Lee Mi-kyung | Tel: 051-888-3193

Korea Inclusive Finance Agency

• ●Director: Choi Jae-hak (Management Innovation Division) | Tel: 02-2128-8010

• ●Deputy Director: Jang Ji-hyun | Tel: 02-2128-8015

• ●Director: Yoo Jae-wook (Customer Support Division) | Tel: 02-2128-8300

• ●Deputy Director: Kim Geum-seok | Tel: 02-2128-8305

Credit Counseling & Recovery Service

• ●Director: Shin Joong-ho | Tel: 02-750-1041

• ●Deputy Director: Yoon Yong-ho | Tel: 02-750-1201