The World Credit Union Conference concluded in Singapore on Wednesday, where over 1,400 delegates from 58 countries attended the opening ceremony on 15 July, reports Anca Voinea in Cooperative News. None of the co-op organizations participated in this global event from India.
NAFCUB-the apex body of urban cooperative banks and credit co-operatives in the country was member of WOCCU for a few years but the rising cost of membership fees forced it to snap the prestigious ties.
The fees was raised to 10 thousand dollar per annum and we are not in a position to afford it, said NAFCUB Chief Executive Subhas Gupta who is struggling to keep the federation afloat in the face of dwindling govt support.
Beleaguered NAFCUB, caught up as it is in the leadership crisis and court cases has also to withdraw from ICA when the latter raised the fees to 500 dollar per annum.
This year’s conference was hosted by the World Council of Credit Unions (WOCCU) in collaboration with the Singapore National Co-operative Federation (SNCF), says Ms Voinea.
Participants heard 50 leading industry experts during keynote and breakout sessions on advocacy, blockchain technology, cybersecurity, diversity and inclusion, fintech, leadership and emerging trends.
Speaking at the opening ceremony, WOCCU chair Brian McCrory said: “We must be innovators, social entrepreneurs, and skilled business leaders with the ability to run efficient businesses while deeply rooted in the philosophy of the co-operative spirit and a commitment to service.
“We are passionately aware that each of us both as individuals and as members of World Council, and as a movement, are about so much more than business. We exist to provide our members with a not-for-profit service that empowers and enables them and through this activity, we generate sufficient surplus to reward our members, fund our operations and create additional social dividends for our communities.”
He encouraged delegates to make the most of the international event. “As credit union leaders, we collectively commit to the highest standards, to learning, to improving our skillsets, to embracing change, for and on behalf of our members,” he added.
The guest of honour at the opening ceremony, Singapore’s senior minister of state for defence, Heng Chee How, told credit unions to embrace technological innovations and digital transformation to “effectively compete with other financial institutions and fintech firms to meet the demands of a new generation of members”.
-excerpts from Co-op News
