Korea Inclusive Finance Agency, Basic Society Committee sign MOU to guarantee financial rights

The Korea Inclusive Finance Agency announced Friday that it has signed a memorandum of understanding with the Presidential Committee on Basic Society to guarantee basic financial rights and advance the realization of a basic society.

The agreement treats finance as a social foundation supporting people's fundamental livelihoods. Under the MOU, the two organizations plan to jointly identify and pursue financial policies aimed at realizing a basic society, combining policy research with field experience to strengthen support for financially vulnerable groups and develop financial rights policies that citizens can tangibly feel.

The two bodies agreed to cooperate on five areas: identifying joint financial policy tasks related to the basic society agenda; co-organizing policy seminars, forums and campaigns; sharing policy materials and research findings; collaborating on public outreach to raise awareness of the basic society concept; and pursuing other areas of mutual cooperation to advance basic society policy.

"Basic finance is a critical foundation that sustains people's lives, and everyone must be guaranteed the opportunity to access the financial services they need and to get back on their feet," said Kang Nam-hun, vice chairman of the Presidential Committee on Basic Society. "We will work together to build a more comprehensive support system that links finance, welfare and employment."

Kim Eun-kyung, president of the Korea Inclusive Finance Agency, said finance is essential public infrastructure — as indispensable as water or electricity — and that basic financial rights are a fundamental entitlement for all citizens. "We will draw on the field experience and data accumulated at our inclusive finance support centers across the country to cooperate on policy development and help realize a basic society that leaves no one behind," she said.

Meanwhile, the Presidential Committee on Basic Society was launched on April 14 as a pan-government coordinating body overseeing, adjusting and monitoring basic society policy. It is chaired by the president and comprises 43 members in total, including the vice chairman, cabinet ministers serving in an ex officio capacity, and civilian members appointed to the committee.