Credit Counseling and Recovery Service (CCRS) of South Korea visit Toynbee Hall to discuss approaches to debt advice
Toynbee Hall had the pleasure of hosting a distinguished delegation from the Credit Counseling and Recovery Service (CCRS) of South Korea on Wednesday 17th July 2024, including key representatives Da-Young Lee and Jong-In Huh. The visit was an excellent opportunity to showcase Toynbee Hall’s Debt Free Advice service and engage in meaningful discussions about the differences and similarities in debt advice practices between the two countries.
In the morning session, the Korean delegation met with Toynbee Hall’s debt advisors at the Advice Hub and interacted with members of the Customer Care Team. The guests also visited two of Toynbee Hall’s innovative video advice kiosks located at the Stratford Job Centre Plus and the Tower Hamlets Town Hall. These kiosks enable Toynbee Hall to support clients into debt advice more efficiently, providing a firsthand look at how technology can enhance access to financial guidance.
This visit is part of Toynbee Hall’s ongoing commitment to the Global Credit Counseling Alliance, formed a few months back. This alliance, which includes leading organisations from Canada, South Korea, the UK, and the US, aims to foster international cooperation and share best practices in debt advice and financial education.
In the evening, the Toynbee Hall team and the CCRS delegation attended the UK-Korea Financial Forum at Carpenters’ Hall. The event was hosted by the Financial Services Commission of Korea and the Council on International Financial Cooperation (CIFC) and featured welcoming remarks by Alderman Professor Michael Mainelli, Lord Mayor of the City of London. The forum provided a remarkable platform to discuss the latest developments in financial infrastructure and regulatory practices between the two nations.
Matt Dronfield, Director of Advice Services at Toynbee Hall, commented on the importance of such international collaboration:
International collaboration and learning from others are crucial for the continuous improvement of our services. By sharing insights and best practices with our counterparts from around the world, we can better address the financial challenges faced by our communities and innovate in our approaches to debt advice.”
One of the highlights of the forum was the session on Technological Innovations in Finance. This session covered a range of topics, including the achievements and challenges of open banking in Korea, DX-based business models for challenger banks, and digital data-based alternative credit scoring. These discussions provided valuable insights into how technology is shaping the future of finance, offering new opportunities to enhance the effectiveness of debt advice services.
Toynbee Hall extends its gratitude to Da-Young Lee, Jong-In Huh, and the entire CCRS team for their visit and the invaluable exchange of insights. Thanks are also due to the Financial Services Commission of Korea, the Council on International Financial Cooperation. We look forward to continued collaboration and learning as part of the Global Credit Counseling Alliance, making a global impact on financial education and debt management.
