The National Social Security Fund (NSSF) have extended their memorandum of understanding (MoU) with the National Health Insurance Scheme (NHIS) of South Korea for another five years. The MoU will increase their professional relationship and transfer operational knowledge related to financial and technical management.

The renewal was confirmed during a September 15 visit by officials of the NHIS. The meeting, held at the NSSF headquarters, was attended by representatives of the NHIS, the NSSF and representatives of the accounting firm KPMG’s South Korean office.

The agreement was first made in 2019, and was renewed after two years.

Heng Sophanarith, deputy director-general of the NSSF, told The Post on September 15 that the MoU would be automatically renewed every five years from now on. The agreement enhanced communication between the two nations, he said.

“The transfer of skills related to financial management systems and technical skills will support the learning process. The NSSF will develop efficiently through the practical examples that can be provided by such experienced partners,” he added.

He said the visiting delegation intended to study a project which would support the ASEAN Adaptive Financial Risk Management System Support.

“This project focuses on the management of Cambodia’s financial risk through the NSSF, the operational staff and its IT system, especially in relation to financial management,” he added.

In-Ju Baek, head of the NHIS’s Global Cooperation office, expressed his support for the NSSF and highlighted the importance of the MoU between the two institutions.

During his visit, he expected to participate in a feasibility study and gain a basic understanding of the health insurance system in Cambodia.

As of June, the NSSF had registered about 10,000 private sector businesses and enterprises with about two million employees. They are now able to access occupational risk and health care benefits.