2027–2031 mid-term management strategy unveiled

New vision: 'from financial safety to economic independence'

Assembly committee chair raises possibility of merger with credit recovery body

Korea Inclusive Finance Agency President Kim Eun-kyung and attendees pose for a commemorative photo at the agency's 10th anniversary ceremony on Monday. Front row, from left: Korea Development Bank Chairman Park Sang-jin, Korea Federation of Banks Chairman Cho Yong-byoung, National Assembly member Min Byeong-deok, Political Affairs Committee Chairman Yoo Dong-su, Korea Inclusive Finance Agency President Kim Eun-kyung, FSC Chairman Lee Eok-won, Prime Minister Chief of Staff Chae Yi-bae, first Korea Inclusive Finance Agency President Kim Yun-young, second President Lee Gye-moon, third President Lee Jae-yeon. Back row, from left: Gwangju Bank President Jeong Il-seon, Jeonbuk Bank President Park Chun-won, Toss Bank CEO Lee Eun-mi, Financial Supervisory Service Deputy Governor Kim Seong-uk, BNK Financial Group Chairman Bin Dae-in, Korea Asset Management Corporation President Jeong Jeong-hun, Korea Credit Guarantee Fund Chairman Kang Seung-jun, Korea Federation of Savings Banks Chairman Oh Hwa-kyung, Korea Life Insurance Association Chairman Kim Cheol-ju, General Insurance Association of Korea Chairman Lee Byeong-rae, Korea Credit Unions Chairman Ko Yeong-cheol, Korea Credit Information Services President Yu Su-yeong, Korea Institute of Finance President Lee Hang-yong. [Korea Inclusive Finance Agency]
Korea Inclusive Finance Agency President Kim Eun-kyung and attendees pose for a commemorative photo at the agency's 10th anniversary ceremony on Monday. Front row, from left: Korea Development Bank Chairman Park Sang-jin, Korea Federation of Banks Chairman Cho Yong-byoung, National Assembly member Min Byeong-deok, Political Affairs Committee Chairman Yoo Dong-su, Korea Inclusive Finance Agency President Kim Eun-kyung, FSC Chairman Lee Eok-won, Prime Minister Chief of Staff Chae Yi-bae, first Korea Inclusive Finance Agency President Kim Yun-young, second President Lee Gye-moon, third President Lee Jae-yeon. Back row, from left: Gwangju Bank President Jeong Il-seon, Jeonbuk Bank President Park Chun-won, Toss Bank CEO Lee Eun-mi, Financial Supervisory Service Deputy Governor Kim Seong-uk, BNK Financial Group Chairman Bin Dae-in, Korea Asset Management Corporation President Jeong Jeong-hun, Korea Credit Guarantee Fund Chairman Kang Seung-jun, Korea Federation of Savings Banks Chairman Oh Hwa-kyung, Korea Life Insurance Association Chairman Kim Cheol-ju, General Insurance Association of Korea Chairman Lee Byeong-rae, Korea Credit Unions Chairman Ko Yeong-cheol, Korea Credit Information Services President Yu Su-yeong, Korea Institute of Finance President Lee Hang-yong. [Korea Inclusive Finance Agency]

The Korea Inclusive Finance Agency marked its 10th anniversary Monday by unveiling a 2027–2031 mid-term management strategy built around four goals: strengthening the financial safety net, improving financial resilience, innovating the financial system, and building public trust while reinforcing sustainable management. The agency set a new vision of becoming "a steadfast partner accompanying the public from financial safety to economic independence," aiming to evolve beyond its role as a crisis buffer into an institution that guarantees basic financial rights.

The agency announced the strategy — along with a broader 10-year roadmap for inclusive finance — at a 10th anniversary ceremony held at Dragon City Seoul's Halla Hall. Under the four strategic goals, the agency outlined 12 initiatives designed to restructure its support framework so that financially vulnerable groups are protected without gaps and can achieve economic self-sufficiency.

"This year, our 10th anniversary, is a turning point for a new leap forward," President Kim Eun-kyung said. "We will be a steadfast partner — one that reaches out first at the moment of need and offers tailored support so that those struggling financially can achieve economic independence and be protected without falling through the cracks."

Founded on Sept. 23, 2016, the agency has worked to support the economic independence of financially vulnerable groups under the mission of "stabilizing the livelihoods of ordinary people and promoting balanced economic and social development." The ceremony was structured in three parts tracing the agency's past, present and future, drawing about 250 government and National Assembly officials, executives and staff.

The first session was attended by Prime Minister Chief of Staff Chae Yi-bae, standing in for Prime Minister Han Seong-sook, along with Political Affairs Committee Chairman Yoo Dong-su, FSC Chairman Lee Eok-won, National Assembly member Min Byeong-deok, heads of related institutions and former agency presidents.

"Inclusive finance going forward must become more than a means of weathering crises — it must be a sturdy ladder for upward mobility," FSC Chairman Lee said. "The government will spare no effort in providing institutional backing and policy support."

In a congratulatory address read on her behalf by Chief of Staff Chae, Prime Minister Han said, "You — the users of inclusive finance who have overcome hardship and risen again — are the meaning and the reason for the Korea Inclusive Finance Agency's existence," adding that the government would take the lead in protecting the daily lives of ordinary people and reviving the livelihoods economy. Political Affairs Committee Chairman Yoo pledged to "work hard on institutional improvements to protect the financial lives of ordinary people, including consumer protection and the eradication of illegal private lending."

Yoo went further in his remarks, signaling the possibility of merging the Korea Inclusive Finance Agency with the Credit Counseling and Recovery Service. Citing the government's "Public Institution Functional Reform Plan" announced Sept. 3, Yoo said the goal was to consolidate overlapping functions and reduce the number of public institutions by 109. "The Korea Inclusive Finance Agency and the Credit Counseling and Recovery Service must also streamline their overlapping functions and build an integrated financial safety net combining lending, debt adjustment, employment and welfare," he said. He added that this direction "aligns with the basic financial rights that President Lee Jae Myung has emphasized," and pledged National Assembly support for the necessary legislation.

The second session featured a community service initiative involving about 140 staff members. The agency donated daily necessities to "Ongi Changgo," a warehouse-style shop for residents of Seoul's single-room housing districts operated by the Seoul Metropolitan Government, and set up a counseling space on the shop's ground floor to provide integrated financial, employment and welfare support. President Kim and staff visited five households in the district to deliver gift packages and hear residents' concerns. At the venue, employees assembled 120 "Hickman pouches" for children with pediatric cancer to donate to the Korea Leukemia Children's Foundation. Earlier, the agency's seven regional offices across the country also donated daily necessities and held integrated counseling sessions for underprivileged residents in partnership with local food banks.

If you have been exposed to illegal private lending, you can report it to the Financial Supervisory Service (☎1332) for assistance. Those struggling with excessive debt can seek help from the Korea Inclusive Finance Agency (☎1397) or the Credit Counseling and Recovery Service (☎1600-5500). Loan contracts with an annual interest rate exceeding 60 percent are void in both principal and interest.


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