SINGAPORE, Nov. 24, 2020 /PRNewswire/ — Bank–Genie, a Singapore-based banking technology company, through their product BanqIn, an all-in-one digital banking platform for microfinance institutions, credit unions and thrift banks, have partnered with Australian not-for-profit organisation, Cufa, to implement innovative digital banking solutions with 23 credit unions and their customers in rural Myanmar.
With over half a century of experience, Cufa was established by Australian Credit Unions to support credit unions in the Southeast Asia and Pacific Regions, and has been instrumental in helping communities in the Taikkyi Region of Myanmar to establish new credit unions and strengthen existing facilities.
Myanmar is a highly cash-oriented society where the time and cost involved in travelling to deposit typically small amounts of money is an issue for customers. And until recently, most of the credit unions operated on a voluntary basis, with unpaid staff, no branches, and with simple savings and loans products.
By implementing BanqIn, all of the customer’s data will be migrated to a single platform, with each credit union set up as a branch. Each branch will have their own savings and loans products, with their own terms and conditions, and the BanqIn platform will bring everything together online, efficiently and securely.
Ram Sharma, CEO and Co-Founder of Bank-Genie, said: “We are proud to partner Cufa in bringing digital banking to credit unions and their customers in rural Myanmar. Through the BanqIn platform we are committed to removing barriers to financial inclusion and the technology we create will provide affordable access to those who need it the most.”
“We believe finance must be fair to all. With over two-thirds of the population in Myanmar having a mobile phone, just 10% have accessed digital services. There is a fantastic opportunity for BanqIn to be an integral part of the growing nature of the digital infrastructure in Myanmar.”
Currently, the credit unions are heavily reliant on manual processes, and span between 3,000 to 4,000 customers. Through their partnership with BanqIn, Cufa will be introducing its DigiCUD programme. The programme will enable credit unions to facilitate loan origination, approvals, disbursements, and deposits digitally.
Aside from improving a bank’s operational efficiencies and processes, BanqIn reduces the costs it takes for a bank to reach a high number of transaction volumes without the traditional banking set up of brick-and-mortar branches.
Both Bank-Genie and Cufa believe that with digital onboarding and the ability to do mobile payments, through the implementation of the BanqIn solution, will go a long way to stimulating growth for both customers and the unions themselves.
Cufa CEO, Dr Peter Mason, shared: “BanqIn’s cloud and subscription-based solutions have been designed with relatively small institutions at the forefront of conceptualisation, thereby empowering these credit unions to enable customers to start their own small businesses with ease. And with Cufa project officers teaching the crucial business skills such as financial literacy skills and digital adaptation to credit union staff and members, we intend to arm the Myanmarese with the right tools for success.”
The focus is very much on making a success of the initial roll-out, which will involve an initial five credit unions, followed by a network-wide roll out once all implementation, training, testing and evaluation is complete. Cufa’s goal is to eventually introduce the benefits of credit unions to an additional 90 villages in the country.
Dr Mason added: “The people deserve the same levels of services and products as in formal banking sectors, and in that sense, digital banking can have an important democratising impact for the country.”
This is not BanqIn’s first foray into Myanmar. In March 2020 Aung Naing Toe Microfinance Co-Operative Society and BanqIn entered into a partnership. Aung Naing Toe Microfinance CoOperative Society was seeking to move from paper-based to digital, as part of their further expansion plans within unbanked and underbanked communities in Myanmar.
Bank-Genie has successfully rolled-out its products in Ghana (replacing mainly paper-based and spreadsheet systems), in the Philippines (replacing very old DOS-based banking systems), and multiple projects in India (which had been using an old local core system with a decentralised database model), as well as in Kazakhstan is committed to ending poverty across the Asia-Pacific region through financial inclusion for all.
In the digital transformative journey of banks, Bank-Genie, a Singapore-based technology solutions provider, has played a pivotal role in the commercial and retail banks as well as rural and micro-finance institutions of Africa, Central Asia, Russia and Southeast Asia. Bank-Genie continues to build both an experience-focused approach and an inclusion driven purpose to develop better, accurate and thoughtful technology for banks to better connect with their customers meaningfully and improve both efficiency and effectiveness. Bank-Genie was recently conferred with the CX Vendor Excellence Award (Silver) and received honorary mentions for ‘Best Digital Experience’ and ‘Best Use of CX Technology’ at the CX Asia Excellence Awards 2020.
Cufa is committed to ending poverty across the Asia-Pacific. Cufa helps communities build better lives for themselves through grassroots programs that focus on education, empowerment, entrepreneurship and financial institutions. Over 90% of contributions to Cufa go directly into local communities where they are used to build financial institutions like credit unions, giving the most disadvantaged people a safe and affordable place to save their money.
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