The Worldwide Foundation for Credit Unions is helping to develop new digital platforms for its Asian network.
It wants to promote financial inclusion across the continent via interoperable, open-loop, low-cost, real-time payment platforms.
The Foundation – the social impact affiliate of the World Council of Credit Unions (Woccu) – with working on the project with the Association of Asian Confederation of Credit Unions, which brings a network of 50 million-plus members across the continent. Other partners include the Philippine National Confederation of Cooperatives and the Philippines Federation of Credit Cooperatives.
Building on Woccu’s wider digitisation goals and the mission of its soon-to-launch Digital Transformation Lab, the project is exploring the use of the Mojaloop open-source platform developed with support from the Bill & Melinda Gates Foundation. Paysys Global LLC, will oversee the business, regulatory and operational aspects.
The platform will trial in Indonesia and in the Philippines, and Woccu create a regional payment network Woccu across Asia and reach more than 260m credit union members.
“Many economically disadvantaged populations still lack access to safe and affordable financial services, and digital technologies hold the promise to reach more lower income members cost-effectively.
“Deploying an open source and shared platform to service existing and new credit union members aligns with our financial inclusion mission, supporting the global financial system to operate in a more collaborative, transparent and inclusive manner,” said Woccu president and chief executive Brian Branch.