Financial Supervisory Service Gov. Lee Bok-hyun / Yonhap

The Financial Supervisory Service (FSS) signed a memorandum of understanding with North Korean refugee support centers, schools and academic institutes to strengthen finance education for defectors, the financial watchdog said Thursday.

Among them are Hanawon, or the settlement support center for North Korean refugees, Hangyeore High School, a government-funded school for North Korean refugees adjusting to life in Korea and the Center for Culture of Unification Studies.

The partnership comes as calls for enhanced financial education for North Korean defectors grow as they face challenges with financial literacy and services.

Hanawon will increase the number of financial education sessions.

Simplified financial textbooks will be provided, including leaflets to help them better understand financial concepts.

Included will be explanations of financial terminology and education on fraud.

Participants will be educated about voice phishing, investment scams, illegal loan offerings and online gambling.

Financial experts will run workshops in addition to regular courses.

FSS Gov. Lee Bok-hyun said financial education was very important for North Korean refugees who often struggle to fully integrate into South Korean society.

Lee said, "I am happy that the partnership will help a greater number of young North Koreans with their long-term financial well-being through early education."