Credit unions showcased their most innovative projects at the 2019 Innovate Finance Global Summit in London on 29–30 April, which focused on fintech.
Marking the start of fintech week, the summit brought together the fintech community to discuss the global and cross-sector nature of financial innovation.
Woccu’s director of financial inclusion Megan O’Donnell shared her insights on how interoperability between digital financial services can be a key tool in delivering vital financial services to the under-banked.
Ms O’Donnell oversees Woccu’s Interoperable Digital Financial Services for Credit Unions project, which recently launched in the Philippines and Indonesia. The project, funded by the Bill & Melinda Gates Foundation, was featured in a panel discussion on Architects of the Age of Interoperability.
The initiative is in the exploratory design phase, assembling a team of international experts to design an interoperable, open-loop, low-cost, real-time payment platform with the goal of connecting 40 million credit union members to digital financial tools.
The project aims to create a system that can be expanded across Asia.
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“Digital financial inclusion is moving from the conceptual phase to implementation and Woccu is at the forefront of that movement,” said Ms O’Donnell. “Being included in a discussion about the future of interoperability at a prestigious event like IFGS 2019 offered Woccu a great opportunity to inform people about our work in the Philippines and Indonesia—and our goals moving forward.”
