DAEJEON, South Korea.—The World Council of Credit Unions (WOCCU) and its Worldwide Foundation for Credit Unions (WFCU) participated in the signing of a memorandum of understanding in this country that the organizations said paves the way for the National Credit Union Federation of Korea (NACUFOK) to partner with the Caribbean Confederation of Credit Unions (CCCU) to conduct a learning and technical assessment of the digital capacity of the Caribbean credit union sector and aid CCCU in increasing their digital financial services throughout the region.
According to the World Council, NACUFOK has agreed to provide CCCU with an initial grant of $100,000 to meet four main goals of the project:
- For CCCU to study NACUFOK’s centralized digital strategy model, digital financial services menu, digital operational infrastructure and digital member experience.
- For NACUFOK to aid CCCU in developing a plan to address digitization needs in the Caribbean credit union system.
- To craft a roadmap that clearly outlines tangible next steps for both NACUFOK and CCCU to take to incorporate learnings into action items integrated into the Caribbean credit union system.
- To capture the learnings that can be formalized and shared across the international credit union community for potential replication.
‘A Great Example’
“This is a great example of how the Global Bridges program can help connect WOCCU members together to develop solutions based on the sharing of information and joint problem solving,” said WOCCU EVP Paul Treinan. “We look forward to seeing how this partnership develops solutions for Caribbean credit unions moving forward.”
Treinen represented WOCCU at the signing ceremony, which was part of a weeklong engagement trip that also included 10 Caribbean delegates visiting South Korea to kick off CCCU’s study of NACUFOK’s digital operations and services.
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