ACCU CEOs Advisory Committee Meeting on Digital Finance and Infrastructure Planning
- Date : Tuesday October 20, 2020
- Venue : Nonthaburi
On October 20, Asian CEOs and Managers of national federations from 11 countries attended the CEOs’ Advisory Committee Meeting on Digital Finance and Infrastructure Planning with WOCCU and Paysys Global.
ACCU is working with WOCCU with the support by Bill & Melinda Gates Foundation in Indonesia (CUCO) and the Philippines (NATCCO and PFCCO) on the Digital Payment system for credit unions. This project aims to increase digital financial inclusion through credit unions and to improve efficiency and reach underserved segment. To achieve those objectives, the sub-objectives on this project are integrating credit unions with other digital economy actors and enable members to make digital payments to anyone, anywhere, anytime.
The Vice-President of Paysys Global Ms. Tricia Weaver presented the five key factors that shape the digital finance landscape globally and how they mean for credit unions: Emerging of digital natives, Demand for instant and seamless services, Development of faster payment system, Co-opetition between market actors and Imperative to lower cost to serve.
Ms. Tricia emphasized that the credit unions had a unique value proposition views of the other financial services providers. That means you fully understood the role of credit unions played in each market. CUs had various products and services which not only focus on consumption but to build a unique feature such as asset building. The importance of digitization is that CUs enable to use the digital channels to get unique products, provide services to their members, and expand customer base.
In 2020, the project has been developing partnerships and fundraising, and conducting outreach to some global tech players. The discussions with the foundation indicated that the important thing which needed to consider about launching this payment system is the governance being able to stay with the members of credit unions. Fundraising with investors seeking grants, debt, equity for establishment and hub development is ongoing.
Additionally, she emphasized the main roles of ACCU Digital Finance and Infrastructures Committee (DFIC) is to promote, provide guidance and develop the digital finance strategy along with the operation standards and rules for the adoption of the digital finance among CUs and member countries.