In 1987, Small Business Credit Insurance Corporation of Japan (currently Japan Finance Corporation) held the Preparatory Meeting for the establishment of the “Asian Credit Supplementation Group Council” aiming at establishing mutual cooperation structure and contributing to the sound development of the system among Asian credit supplementation institutions.
The participants of the meeting were Japan CIC (Japan), National Federation of Credit Guarantee Corporation (Japan), PT. (Persero) Asuransi Kredit Indonesia (Indonesia), Korea Credit Guarantee Fund (Korea), Credit Guarantee Corporation Malaysia Berhad (Malaysia), Credit Guarantee Corporation Limited (Nepal), Central Bank of Sri Lanka (Sri Lanka), Small and Medium Business Credit Guarantee Fund (Taiwan) and Small Industry Credit Guarantee Fund (Thailand). All 9 participants agreed to establish the Asian Credit Supplementation Group Council and decided to hold the 1st conference in Japan in the following year.
At the 1st Conference in 1988 in Tokyo , Japan, the name of Asian Credit Supplementation Group Council was changed into Asian Credit Supplementation Institution Confederation (ACSIC).
At the 2nd Conference in 1989 in Seoul, Korea, the implementation of the ACSIC Training Program (ATP) for working¬level officers was agreed. The 1st ATP was held the following year by Korea Credit Guarantee Fund in Seoul, Korea.
At the 20th Conference in 2007 in Bali, Indonesia, all members from 11 countries signed the ACSIC Bali declaration, which commemorated the 20th anniversary and reaffirmed the commitment to the objectives of ACSIC.
At the 29th Conference in 2016 in Bangkok, Thailand.
To facilitate collateral-free credit to the entrepreneurs in the Micro and Small Enterprises ( MSEs ) sector, to shift from collateral to merit / project –based lending and to promote entrepreneurship / financial inclusion.
To support small and medium enterprises (SMEs) by serving as public guarantors to make it easier for them to borrow funds, which are necessary for their business operations, from financial institutions.
To contribute to the balanced development of the national economy by facilitating technology development of SMEs with the technology finance (including guarantee) and technology appraisal system, and by providing guarantee services to those having difficulty in obtaining funds from financial institutions for lack of collateral.
To guarantee the deposit of individual depositors held with the Commercial Banks and Financial Institutions, to guarantee the loans advanced by the banks and financial institutions in Priority Sector, to guarantee the livestock purchased by the farmers under banks/ financial institution’s loan.
To assist micro, small and medium enterprises (mSMEs) in all areas, including but not limited to finance and information services, training and marketing. As such, the Corporation’s services for mSMEs have been expanded from offering guarantee and financing programs to non-financial services to spur the growth of Philippine mSMEs.
To expand its outreaches throughout the country by developing credit guarantee system including suitable schemes, sustainable financing, effective cooperation mechanism of central, local governments and banking institutions