Microfinance Center to be established

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The FSC announced its plan to restructure consumer finance support system on July 1, Wednesday. Among numerous issues, the government will establish Microfinance Center to provide comprehensive and integrated one-stop financial services ranging from finance for employment, welfare, and housing to life planning for the financially marginalized.

Under the current system, financial consumers had difficulties in receiving financial services they need due to generalized and limited number of financial products provided by banks, insurance firms, and so on. However, upon establishment of the center – which consists of experts from various consumer finance corporations such as the Credit Counseling & Recovery Services(CCRS), Korea Asset Management Corporation(KAMCO), and Smile Microcredit Bank(SMB) – financial consumers will be able to consult and receive financial services directly tailored to and differentiated according to their needs and circumstances. Ultimate goal is to ensure consumers’ financial independence so that they can make a comeback in their life or start a new beginning.

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