SINGAPORE–Credit unions have an opportunity to become even bigger disruptors in the global marketplace than when they were when created more than a century ago, according to WOCCU’s president and CEO.
In remarks to the World Credit Union Conference at the Suntec Convention Centre here, Brian Branch said that today there are approximately 73,000 financial cooperatives operating around the world that serve approximately 238-million members.
Credit unions can play a role in addressing challenges that include not just the financial needs of consumers, but issues that include food security, employment, climate change, financial inclusion and even the future of the Internet, he said.
Branch said how global challenges become community challenges and communities turn to their credit unions to respond. The challenge now is about interconnectivity and linkage and responding to these global challenges, he said.
“We were the disruptors more than 100 years ago. Now we have to learn from today’s disruptors to be able to respond to today’s challenges,” Branch told CUs representing 58 countries from around the world. “Working in your credit unions, doing what you do, serving your members, you are part of history and for that, we thank you.”
Growth Awards Presented
Separately, during the World Council’s annual general meeting, three members were presented with the 2018 Membership Growth Awards, which are based on the World Council of Credit Unions latest Statistical Report data. The winners are:
- FULM Savings House – FYR Macedonia
- Sicredi – Brazil
- Association of Rural Savings and Credit Institutions Inc. (AIRAC) – Dominican Republic