Korea Social Welfare Mutual Aid Association, Woori Bank sign MOU to expand cooperation beyond banking

The Korea Social Welfare Mutual Aid Association signed a primary banking MOU with Woori Bank on Thursday at its building in Seocho-gu, Seoul.

The signing ceremony was attended by Kim Yong-ha, chairman of the Korea Social Welfare Mutual Aid Association, and Cho Se-hyung, deputy president and head of the institutional group at Woori Bank, along with other officials. The two sides discussed ways to strengthen cooperation and expand financial service support.

Under the agreement, the two institutions agreed to cooperate on fund management system services — including fund disbursement and deposit and withdrawal operations — along with back-office IT support, preferential interest rates and fee waivers, and the pursuit of SR (social responsibility) projects and supplementary services.

The MOU is valid for three years from the date of signing. The two institutions plan to work closely together, on the basis of mutual trust, to ensure the stable provision of financial services for social welfare workers and to strengthen the support framework for that community.

"Cooperation with a reliable financial partner is a vital foundation for the association's stable operations and the improvement of its financial services," Kim said. "I hope this agreement will serve as a meaningful starting point for enhancing the association's operational efficiency and, further, for strengthening the support system for social welfare workers."