The Asian Credit Union Forum 2024 took place in Bali, Indonesia from 5-7 September 2024. Organised by the Association of Asian Confederation of Credit Unions (ACCU) and hosted by the Credit Union Central of Indonesia, the forum brought together over 500 representatives from credit unions and co-operatives across more than 30 countries.

The Singapore National Co-operative Federation (SNCF) also dispatched a 20-men strong delegation over. Led by SNCF Executive Council member Ms Evelyn Siow, 17 credit co-operators from the Singapore Co-operative Movement participated in the forum. These delegates represented various credit co-operatives, including AUPE Credit Co-operative, Citiport Credit Co-operative, EsteeMedia Co-operative, POLWEL Co-operative, Singapore Government Staff Credit Co-operative, TCC Credit Co-operative, Singapore Prison Service Multi-purpose Co-operative, and The Singapore Teachers' Co-operative.

Forum’s Theme: Rooted Resilience – Bridging Gaps for a Sustainable Future

This year’s theme "Rooted Resilience – Bridging Gaps for a Sustainable Future" highlighted how credit unions and co-operatives are coming together to overcome challenges, drive innovation, and chart a path toward a sustainable and promising future.

International speakers and panellists rooted their discussions and sharings on three key areas: Financial Inclusion (promoting and ensuring accessibility), Generational Engagement (addressing the needs and involvement of different age groups), and Sustainability (maintaining relevance and ensuring continuity).

Attendees also visited local credit unions in Bali to observe the challenges they face, explore their services, and understand their membership engagement and future strategies.

Credit Co-ops & Unions vs Commercial Banks: Co-ops Often Overshadowed

As the financial world evolves, credit unions and co-operatives face numerous challenges while playing a crucial role in promoting financial inclusion. Ms Venus Lubguban, CEO of BUGEMCO Philippines, addressed the market challenges faced by co-operatives. She pointed out how larger banks and credit unions often overshadow smaller co-operatives, underscoring the need for strategies like differentiation and joint ventures to enhance value and better support broader communities. Ms Venus also emphasised that co-operative success should not only be measured by profit or surplus, but also by the well-being of members and the intangible benefits they receive.

Dr Fredy Rante Taruk, Advisor at PUSKOPCUINA Indonesia, stressed that placing members at the center of operations drives growth and helps reduce delinquency. According to him, co-operatives, unlike typical businesses, adhere to the principle of prioritising community well-being. Echoing Ms Venus's sentiments, he emphasised that effective governance and a community-centered approach are essential for success. Moving beyond a purely finance-driven mindset is key to sustainable growth.

Want to succeed? Start Succession Planning Today.

To really succeed, we must all plan for the future – this was the key message highlighted in one of the discussions. In a panel moderated by Mr Daniel Cher, Director and Treasurer of TCC Co-operative, Ms Gaylene Quitadamo from the Unity Bank Australia stressed upon the need to nurture internal talents and develop their skills before seeking external candidates. Another panellist Mr Glenn Medez, Head of the Coop Academy at NATCCO Network in the Philippines, added that succession planning should begin early to prepare for unexpected leadership transitions.

In Singapore, co-operatives send promising employees to the Emerging Leaders Programme which aim to develop their leadership skills and offer a platform for these talents to network with one another. The pilot, which began in 2023, aims to nurture 100 Emerging Leaders.

We Are Community First: No One Is Left Behind

Mr Choonsun Uh, IT Team Leader at the National Credit Union Federation of Korea, shared about the importance of digital inclusion for credit co-operatives. For him, digital inclusion can help demonstrate the co-operative’s commitment to social responsibility (no one is left behind), strengthen members’ loyalty by addressing their needs or improving their experiences, and promote growth and reduce operational costs.

In South Korea, the National Association of Credit Unions of South Korea (NACUFOK) established the Credit Union Social Contribution Fund, rooted in the principles of self-help and mutual aid. Primarily funded by NACUFOK and its affiliated credit unions (CUs), the fund is designed to support these CUs in executing community projects, enhancing financial inclusion, and strengthening connections with local communities, extending beyond traditional financial services. This initiative has successfully demonstrated the value of collaboration and expanded the impact of cooperation for over a decade. 

Similarly, in August 2024, SNCF and the Registry of Co-operative Societies announced the launch of the $1,000,000 Empowering Communities Fund for 2025. This fund will support community-based initiatives aimed at positively impacting communities, enabling co-operatives to thrive while doing good together.

2025 UN International Year of Co-operatives & Closing

With the United Nations General Assembly declaring 2025 as the International Year of Co-operatives, ACCU CEO Ms Elenita V. San Roque outlined ten potential initiatives for co-operatives, with a key focus on taking action and reporting on Sustainable Development Goals for credit co-operatives. In Singapore, co-operatives are also supported by the CCF Sustainability Grant as they embark on their sustainability journeys.

In line with ACCU President Mr Younsik Kim’s opening remarks, the ACCU Forum successfully concluded, featuring a range of solutions and real-life case studies from various speakers. Participants from credit co-operatives around the world exchanged ideas and inspired one another, showcasing a strong commitment to collaboration and a shared dedication by the credit co-operatives to making a positive impact on communities.

Words by Ho Jia Hui, Photos by Ho Jia Hui and Verene Cheong

Edited by Sng Ler Jun