On the 19th of October, an event was held at the National Assembly Hall in Yeouido, Seoul, to discuss the establishment of a value-based financial cooperative in South Korea, attended by more than 120 representatives from local credit unions and social solidarity economy organizations. The initiative aims to diverge from traditional banking, which typically invests customer deposits into corporate and industrial interests, and instead focus on providing loans to local businesses and underserved communities. The committee, which read a declaration, emphasizes finance based on trust, relationships, and shared community goals, aiming to foster a more sustainable and resilient local economy.

The value-based financial cooperative will be structured as a collective credit union, allowing members with shared goals and values to establish it legally. The co-chair of the committee, Lee Sang-jin, noted that the cooperative will initially focus on sectors that can grow steadily, such as social housing and renewable energy, with plans to expand funding into higher-risk areas that generate social value once the cooperative is more stable. This initiative not only responds to financial needs but also seeks to create a robust social safety net through cooperative funding opportunities.

The necessity for value-based finance is illustrated by examples like the 'Wistay' social housing project developed by the social enterprise Deuham SD, which has provided housing for about 1,000 families. This initiative illustrates the potential impact of value-based finance; the vice president of Deuham SD indicated that more significant financial support through such cooperative financial structures could have expanded their project even further. Currently, international trends show a rising influence and recognition of value-based financial systems, signaling a growing shift in the financial landscape.