Inclusive financial support model of the CCRS selected as a written statement by the UN ECOSOC

In August 2020, the Credit Counseling and Recovery Service(CCRS) was selected as one of 10 Public Organizations in 2020 Global Sustainable 100 announced by the Association for Supporting the SDGs for the UN(ASD), an international nongovernmental organization that is in special consultative status with the UN Economic and Social Council(ECOSOC).

In October 2020, we were selected as a component of superior group in the Sustainable Development Goals Business Index (SDGBI), the world's first Index based on the review of SDGs-related areas. Along with us, Samsung Electronics, Coca Cola, Apple etc. were included in the superior group.

In February 2021, we became the first Korean public organization to have a written statement chosen in the Commission for Social Development, which is under the ECOSOC. Our statement was submitted by the ASD in the 59th session held in 2021, which means our inclusive financial support model was officially approved by the UN ECOSOC.

Summary of our statement

The inclusive financial public institutions in South Korea, namely the Korea Inclusive Finance Agency(KINFA) and the Credit Counseling and Recovery Service(CCRS), have demonstrated exemplary responses to the COVID-19 pandemic by promptly establishing and distributing a digital finance model. Both organizations is led by a single CEO, which increases efficiency and accessibility of the financial services for people in need. The services range from providing loans by the KINFA to managing problem debt by the CCRS.

Both organizations provide financial support and Debt Relief Programs for the working class in order to pursue the eradication of income bi-polarization and poverty. They also provide low-interest loans, financial education, and financial counseling to help people have financially healthy lives. Above all, their digital finance model has contributed in achieving the Sustainable Development Goals by offering financial counseling and support services 24/7 through their mobile application and chatbot program.