Purpose of Establishment
The Korea Federation of Savings Banks (KFSB) is a non-profit organization established for the purpose of promoting the healthy development of savings banks and protecting the benefits of customers.
The KFSB was established in accordance with Article 25 of the Mutual Savings Banks Act in 1973. It was renamed the National Federation of Mutual Savings and Finance Companies in 1975, and again in 2002 changed its name to Korea Federation of Savings Banks.
The KFSB performs the following key functions: support for savings banks, conduct duties required as a central savings banks, support for shared computer networks, and work for autonomous regulation of banking business.
Key Functions of KFSB
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Support for Savings BanksConducts research and surveys for the
development of the business of savings banks
Performs activities for public relations to enhance
the reputation of savings banks
Provides education and training for employees of savings banks -
Role as Central Savings BankReceives and manages reserve deposits from savings banks
Receives and manages deposits (residual funds) from savings banks
Grants loans to savings banks, rediscounts commercial paper, and
provides a guarantee of payment for savings banks
Provides emergency financial support for savings banks -
Support for Shared Computer NetworksEstablishes, operates, and maintains shared
computer networks tosupport the business of savings banks
Conducts R&D on information technology
such as smart banking and FinTech
Exchanges data with financial institutions
as the IT center of savings banks
Manages customers’ data secure -
Autonomous Regulation of Banking BusinessEstablishes a sound credit system and protects customers
Exercises the entrusted authority of the Financial Services ommission
Provides standards and guidelines on the business
methods and regulations for savings banks
Analyzes business management of savings banks
Conducts autonomous deliberations on advertising
contents for the products of savings banks