KAMCO, SEACEN join forces to promote financial stability in Asia

[Financial News] Korea Asset Management Corporation (KAMCO) signed a memorandum of understanding (MOU) with the South East Asian Central Banks (SEACEN) in Kuala Lumpur, Malaysia, to strengthen cooperation on financial stability.
According to KAMCO on September 7, SEACEN is a regional central bank cooperation organization established in 1966 to facilitate the sharing of information and views, as well as research and studies, among member central banks. The central banks of 19 countries, including South Korea, China, Singapore and Malaysia, participate in the organization.
The agreement was designed to expand the foundation for cooperation established through KAMCO’s training program for the National Bank of Cambodia (NBC) in May and to build a sustained cooperation framework in areas related to financial stability, including non-performing loan management.
Under the agreement, the two organizations will exchange research materials and policy information related to financial stability, jointly develop and operate customized training programs such as workshops and seminars, and facilitate exchanges of instructors and experts.
KAMCO plans to expand its cooperation projects based on its experience in resolving non-performing loans accumulated while overcoming the foreign exchange crisis. It will provide advice on non-performing loan management and the establishment and operation of asset management companies tailored to the needs and financial conditions of each country’s central bank.
As their first joint project, the two organizations will hold an invitation-only training program for member countries in Busan in October, together with the Bank of Korea (BOK). They also plan to continue expanding and operating customized training programs by gathering feedback from member institutions.
Han Deok-gyu, executive director overseeing KAMCO’s management support division, said, "This agreement marks the starting point for KAMCO to share its accumulated experience in resolving non-performing loans with SEACEN’s central banks. We will continue to expand practical cooperation, including training and consulting tailored to the needs of member institutions, and contribute to strengthening financial stability capabilities in Asia."

[email protected] Park Moon-soo Reporter