Co-hosted by the World Council of Credit Unions (WOCCU) and America’s Credit Unions, the 2024 World Credit Union Conference (WCUC 2024) took place in Boston, United States of America, from 21 to 24 July.  

Singapore’s delegation, led by Mr Shareef Jaffar, the Second Deputy Chairperson of the Singapore National Co-operative Federation (SNCF), comprises folks from local co-operatives. These credit co-operatives include: POLWEL Co-operative, Singapore Government Staff Credit Co-operative, Singapore Mercantile Co-operative, and TCC Credit Co-operative. 

WCUC 2024 brought together 2,400 credit union professionals from 57 countries and marked the first time the conference was held in the United States since 2015. The highly anticipated conference featured over 40 keynote presentations and breakout sessions by more than 70 speakers. 

At the conference, WOCCU President and Chief Executive Officer Elissa McCarter LaBorde unveiled an ambitious vision to expand the global reach of credit unions from 400 million to one billion people. Of which, 50 per cent of these new members will be women members.  

This initiative follows extensive research by the Global Women’s Leadership Network as part of its 15th-anniversary celebrations. Ms McCarter LaBorde emphasised the need for greater innovation and efforts to attract younger members, highlighting the challenges posed by an ageing membership base. Ms McCarter LaBorde urged credit union representatives from across the globe to celebrate unity as a movement, while also preparing them to embrace more innovation to make that new membership goal possible. 

“No surprise, we are experiencing an even greater push for innovation at a pace and speed like we have never seen before,” said Ms McCarter LaBorde. “Each of our 100 country contexts present slightly different challenges. But on one thing we agree: the need to reach young people, to counter an ageing membership. And on this, we need to do better.” 

Meeting with WOCCU President, Elissa McCarter LaBorde

In a closed-door interview with SNCF, Ms McCarter LaBorde shared her excitement for the centennial celebration of the Singapore Co-operative Movement, which is set to take place next year. Mr Shareef took the opportunity to provide updates on several key initiatives from Singapore, including the Central Co-operative Fund Sustainability Grant and sector forums where co-operatives gathered to discuss current challenges while exploring potential solutions. 

Celebrating International Credit Union Day 2024 on 17 Oct 24 

This year’s International Credit Union (ICU) Day will be celebrated on 17 October 2024, with the theme “One World Through Cooperative Finance”. Mike Reuter, President of the Worldwide Foundation for Credit Unions, urged attendees to reflect on the role of credit unions in global change and to elevate their impact through this year’s celebration.  

“Through your credit union lens, how do you want to see the world change? Where will you be on 17 October? Who do you want to impact?” said Reuter.  

Recalling Inspiring Keynote Presentations 

Shawn Kanungo, a globally recognized innovation strategist, bestselling author, and partner at Queen & Rook, kicked off the WCUC keynote presentations by focusing on the growing role of Artificial Intelligence (AI) in the credit union industry. Kanungo highlighted how AI can help credit unions stay competitive and relevant, urging leaders to embrace this technological shift. "There are two types of leaders in the future: those who leverage technology and those who become irrelevant," Kanungo warned. 

In another, leadership expert and coach René Carayol delivered a powerful message about the importance of inclusive and collaborative leadership in today’s hybrid and tech-driven world. He further elaborated that this change was already happening when the global pandemic pushed it to new heights. “Now, your people, your colleagues, your resources could be anywhere in the world - from any time zone, from any background, any faith, any education. All of a sudden, the leader had to change as well,” said Carayol. He encouraged leaders to create environments where everyone, regardless of location or background, can thrive, emphasising that leadership is not a top-down directive but a shared and evolving responsibility.  

WOCCU Annual General Meeting (AGM) 2023 and Digital Growth Awards 

At the WOCCU Annual General Meeting, Pusat Koperasi Credit Union Indonesia (PUSKOPCUINA) and Brazil’s SICOOB were awarded the 2024 Digital Growth Awards for their efforts in promoting financial inclusion through innovative digital solutions. PUSKOPCUINA received recognition for its ESCETE platform, which includes cloud-based core banking, personalised mobile banking, and an e-commerce solution for SME members. 

The 4-day conference concluded with a closing party held at six vibrant venues in Boston’s Seaport area.  

WOCCU will host 2025 World Credit Union Conference at Stockholm, Sweden, from 14-16 July 2025. 

Words and Photos by Benjamin Kang and Maggi Lim. 

Edited by Sng Ler Jun