In October 2011, the Financial Services Commission took the initiative in establishing the 1st meeting of a Council on International Financial Cooperation to facilitate systematic overseas expansions and financial cooperation. Comprised of the heads of domestic financial institutions, the council examined the current status of international financial cooperation and discussed ways to support financial institutions’ overseas expansions based on sharing Korea’s experience in financial development.

At the 2nd meeting held in November 2012, it was decided that a secretariat be established under the Korea Institute of Finance to exclusively handle work related to international financial cooperation so as to support Korean financial institutions’ expansion overseas, and revitalize international cooperation in the financial sector.

In February 2013, the official Council, ‘Council on International Financial Cooperation’ was launched as it established its secretariat office, the Center for International Financial Cooperation. Since then, as a non-profit voluntary organization, CIFC has actively carried on its cooperation businesses to strengthen bases for global financial cooperation by sharing Korea’s financial experiences and best practices to the world.  

As of 2023, CIFC is comprised of 25 major public and private financial institutions and financial associations in Korea.