The Korea Deposit Insurance Corporation (KDIC) announced on September 21 that it signed an MOU with the World Bank in order to work with the bank in developing the deposit insurance systems and capabilities of developing countries.
The MOU was concluded at the request of Asia-Pacific countries such as Indonesia and the Philippines, which are praising the deposit insurance system of South Korea and its response to financial crises. The countries asked the KDIC, via the World Bank, to share its expertise and knowledge.
According to the MOU, the two organizations are going to launch a series of joint projects in the governments and deposit insurance organizations of the developing countries. The scope of the projects to come includes system consulting, technical support and capability enhancement.
The first collaboration project is scheduled to be launched in Indonesia in November this year. Specifically, a training program will be provided in Jakarta for the Indonesian government and its deposit insurance organization with regard to the disposal of insolvent financial companies and management of distressed assets.