South Korea's Financial Supervisory Service (FSS) joined the International Credit Union Regulators' Network (ICURN), a global network under the World Councils of Credit Unions, South Korea's Korea Herald reported on Friday.

The network was launched two years ago during the annual meeting of the World Councils of Credit Unions, a US-based financial watchdogs' association headquartered in Madison, Wisconsin, according to Korea Herald.

It aims at sharing information and idea among the member regulators and undertaking research on various financial issues, Korea Herald said.

Currently, 11 organizations of 16 different countries including the United States, Canada and the United Kingdom constitute the network, and India is the only other member country from Asia besides South Korea.

"By joining the ICURN, the FSS hopes to closer ties between foreign supervisory institutes and to upgrade our financial system closer to global standard," the FSS said.

(Xinhua News Agency March 27, 2009)