In order to extend the strong relationship of cooperation, facilitate cross-border cooperation between the Central Deposit Insurance Corporation (CDIC) and the Korea Deposit Insurance Corporation (KDIC), the CDIC signed the renewed Memorandum of Understanding (MOU) with the KDIC on March 28, 2023 in Seoul, Korea. The CDIC was represented by its Chairman Norman H. Chu and the KDIC by its Chairman and President Jae Hoon Yoo.
During this week, the CDIC will visit the Korea Asset Management Corporation (KAMCO) and have an annual MOU meeting with the KAMCO Chairman Nam Ju Kwon. The CDIC and the KAMCO share observations and experiences of the respective retained assets management of financial institutions and related issues.
The CDIC and the KDIC are members of the International Association of Deposit Insurers (IADI) and its Asia-Pacific Regional Committee. Both parties have maintained a 20-year good cooperative partnership since the signing of the MOU in 2003 and have furthered cooperation through the exchange of personnel and information. In the future, the CDIC will continue to cope with the KDIC on strengthening the sharing of information and professional experience to advance the respective deposit insurance systems and to further enhance financial stability in the Asia-Pacific region.