Mechanical facilities construction mutual aid association marks 30th anniversary with AI push

The Korea Mechanical Facilities Construction Mutual Aid Association is marking its 30th anniversary with plans to pursue AI-driven operational innovation and expanded digital financial services. With its membership having more than tripled over the past three decades, the association said it will strengthen financial support for the mechanical facilities sector through more efficient asset management and broader non-face-to-face services.

The association held a ceremony Thursday at the Westin Chosun Seoul. About 250 people attended, including Kim Sung-hwan, director of the construction industry division at the Ministry of Land, Infrastructure and Transport, Nam Young-hee, deputy mayor for balanced development of Incheon, and Heo Yong-ju, chairman of the association's management committee.

At the ceremony, the association announced its new vision: "A Leap of Trust — Opening a Century of the Future through AI Innovation." Under its medium-term management plan, "Change & Innovation 2027," the association said it will improve the safety and efficiency of asset management while building an AI-based operational framework and upgrading digital financial services.

Founded in May 1996 with approval from the then-Ministry of Construction and Transportation, the association launched with 3,221 member companies. By the end of last year, membership had grown to 10,054 companies and total assets had reached 1.55 trillion won ($1.16 billion) — a 3.1-fold increase of 6,833 members from its founding.

Its business scope has also expanded. Starting out focused primarily on guarantee services, the association has since broadened its financial support to include loan services and eight mutual aid products. More recently, it has cut guarantee fee and mutual aid premium rates and introduced non-face-to-face services — including self-guarantee and Kakao-based guarantee options — to reduce the financial burden on members.

At the ceremony, the Ministry of Land, Infrastructure and Transport presented commendations to individuals who contributed to establishing fair trade practices in the mechanical facilities industry. Former management committee chairs who helped advance the association and protect members' interests received plaques of appreciation.

Choi Un-gu, acting president of the association, said the organization's 30 years represent "a history of walking together — members and the association trusting each other and pushing through difficult times." Choi added that the association would "reinvent itself as a closer and more dependable financial partner for members through AI and digital innovation."