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Financial Innovation Within Reach Forum the 2Nd International Financial Cooperation Forum – the Launch of ASEAN Dec CIFC 2017 ANNUAL REPORT CIFC 2017 ANNUAL REPORT 6th Floor, KFB Building, Myong-dong 11 Gil 19, Chung-Gu, Seoul Korea T 82-2-3705-6353, F 82-2-3705-6285 CIFC 2017 ANNUAL REPORT 03 04 CONTENTS CONTENTS 04 Message from the Chairman 06 Background & Members 08 Message from the President of KFTC 10 CIFC History 14 2017 Key Activities 16 Launch and Panel Discussion of Economic and Social Survey of Asia and the Pacific 2017 : Korean Perspective 20 KEI with Vietnam 24 Vietnam-Korea Financial Cooperation Seminar 28 Vietnam’s Macroeconomics and Financial Industry Trend 30 Mongolia-Korea Financial Cooperation Forum 36 Thailand-Korea Financial Cooperation Forum 40 Workshop on Small and Medium Enterprises’ Access to Finance and the Role of Development Banks in the Asia and the Pacific and Latin America 46 Boosting Small and Medium Enterprises’ Access to Finance to Support Sustainable Development in Asia and the Pacific 48 Kish2017Invex, Iran Capital Market: Higher Diversity, Higher Return 50 Iran’s Capital Market: A Haven of Growth and Diversity 52 The 4th UK-Korea Financial Cooperation Forum 56 The 4th International Financial Cooperation Forum 64 Cooperation Project 05 06 Message from the Chairman MESS A GE F RO M T H E CHAI R MA N The Council on International Financial Cooperation (CIFC), comprised of 20 financial institutions and associations, was established in February 2013 to support international financial cooperation in a CIFC’s work is underpinned systematic and efficient manner. by overwhelming support and participation from the member Since its launch, CIFC has been continuously building financial ties with foreign counterparts that are institutions as well as mutually beneficial for the involved parties. To drive the partnerships forward, CIFC has been sharing Korea’s experiences and know-hows in advancing the financial industry and building networks with proactive efforts from the international financial authorities through efforts such as organizing international financial forums financial authority. and invitational training programs for high-level authorities of emerging economies. CIFC’s Knowledge Exchange Initiative, an invitational training program for high-level authorities of emerging economies, has served as a stepping stone for establishing many strong partnerships among Korea and various emerging economies such as Indonesia, Iran, Mongolia, Thailand and Vietnam. The International Financial Cooperation Forum organized annually also hosts various financial leaders from all over the world to learn about the global financial trends along with Korea’s best financial practices. Our work is underpinned by overwhelming support and participation from the member institutions as well as proactive efforts from the financial authority. The CIFC 2017 Annual Report is published to revisit the efforts of CIFC over the past five years and also to examine the international financial cooperation made by our member institutions thus far. We hope that this report serves to deepen the understanding of our roles in the international financial cooperation among the member institutions and our global partners and becomes a good reference for further cooperation. Shin, Sunghwan Chairman Council on International Financial Cooperation 07 08 B A C Background & Members K GROUND & ME The following 20 domestic financial institutions and MB associations are currently listed as members. ERS The Council on International Financial Cooperation (CIFC) is a consultative body comprised of 20 domestic financial institutions and associations, established to strengthen bases for global financial cooperation by sharing knowledge and expertise of the member institutions with various partners around the world. Each year, the Council hosts various seminars, invitational training for foreign public officials called ‘Knowledge Exchange Initiative (KEI)’ and Financial Cooperation Forums as part of its active efforts to support international financial cooperation. Also, as a coordination platform for global cooperation of key financial market players and regulatory authorities in Korea, CIFC works to build a network among global financial authorities and international organizations to lay fertile ground for international financial cooperation. PARTNERS 09 10 Message from the President of KFTC MESS A GE Korea Financial Telecommunications & Clearings Institute F RO M T H E PRES I DENT O It is my sincere hope that this F Congratulations to the Council on International Cambodian payment and settlement system building KF literature serves as invaluable information not only for TC Financial Cooperation on the release of CIFC 2017 project is currently underway, slated for completion in Annual Report. By encapsulating the essence of April 2019. 20 CIFC member institutions but also government and international projects conducted by the Council over central bank officials across the globe. the past 5 years, this report will pave the way for even Starting this year, the KFTC is also planning to greater success of CIFC going forward. engage in financial information network training and consulting programs provided by World Bank to As one of CIFC’s 20 member institutions, the Korea developing nations. Financial Telecommunications & Clearings Institute was established in 1986 under the aim of advancing It is my understanding that CIFC has a number of domestic financial information systems. The institute exciting programs such as international financial has since been contributing to the integrated cooperation fora, invitational training for foreign advancement of payment and settlement systems in government officials and financial industry players, and Korea by creating an advanced interbank payment support programs for members’ invitational training network and extending accessibility to diverse for overseas institutions coming along this year. The players such as micro financial institutions and KFTC will gladly take part in the international financial securities companies. KFTC’s services are currently cooperation projects pushed forward by CIFC to utilized by 102 financial companies. In addition to establish global partnerships and share our insights. payment services, the institute offers a wide range of services including information intermediation New technologies such as the blockchain, AI and between government/public institutions and banks, big data have come to be widely adopted across the and issuance of bank certificates for customer’s financial industry of late, and are sparking interests authentication. among developing countries. If a roadmap for the application of these technologies is developed and The KFTC is sharing its experiences with emerging included in projects, financial cooperation will be taken nations by participating in local projects to build to another level. financial information networks. This is not only to help modernize concerned nation’s financial infrastructure It is my sincere hope that this literature serves as by providing Korea’s exemplary payment and invaluable information not only for 20 CIFC member settlement systems but also guide all personnel taking institutions but also government and central bank in part in the system development project with KFTC to officials across the globe. accumulate know-hows. The KTFC first put together a special team dedicated to international projects in 2010, which has since Lee, Heung Mo then provided consulting services to Mongolia, Laos, the Philippines, Moldova, Armenia and Cambodia for the modernization of payment and settlement infrastructure. The Armenian overseas remittance President system building project was finished in 2017, and the Korea Financial Telecommunications & Clearings Institute 11 CIFC HISTORY CIFC HISTORY 12 2013 KEY ACT CIFC HISTORY 2013 Key Activities 2014 Key Activities 2014 KEY ACT CIFC HISTORY I I V V I I T T I I ES Established a secretariat for Council on International Financial Cooperation Knowledge Exchange Initiative Financial Regulatory Commission, Mongolia ES st Jan. Mar. Workshop The 1 CIFC Cooperation Workshop Feb. Meeting February General Meeting Meeting April General Meeting Apr. Research Project 「The Role of Public Financial Institutions in the History of Korean Meeting March General Meeting Economy and Financial Development」 Mar. Forum The 1st UK-Korea Financial Cooperation Forum May. Meeting May General Meeting Apr. Meeting April General Meeting Meeting June General Meeting Meeting Meeting on Spreading Korean Financial Wave Hosted by Chairman of FSC Jun. Knowledge Exchange Initiative Ministry of Finance, Uzbekistan May. Forum Korea-Myanmar-ADB Financial Cooperation Forum Seminar Uzbekistan-Korea Financial Cooperation Seminar Meeting June General Meeting Meeting July General Meeting Jun. Research Project 「Establishing Strategies for Korean Financial Institutions Venturing into Jul. International Market」 Established CIFC Website Meeting July General Meeting Sep. Knowledge Exchange Initiative State Securities Commission, Vietnam Jul. Knowledge Exchange Initiative Securities and Exchange Commission, Thailand Meeting October General Meeting Aug. Seminar Thailand-Korea Financial Cooperation Seminar Oct. Forum Uzbekistan-Korea Insurance Industry Development Forum Sep. Meeting September General Meeting Meeting 2013 Annual General Meeting Nov. Meeting Meeting on International Financial Cooperation Hosted by Vice Chairman of Financial Services Commission Knowledge Exchange Initiative Danske Bank, Denmark Oct. Meeting October General Meeting Lecture Dr. Ilhyock Shim,
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