Digitizing Strategies and Approaches of the Apex Financial Cooperatives: Asian Experiences

The “Improving Capacity Building in Rural Finance” (CABFIN) in collaboration with the Asia-Pacific Rural and Agricultural Credit Association (APRACA) will host a joint webinar to address issues, challenges, innovations, and country policies in adapting Digitalization for the financial cooperatives at the apex level and how it impacted the service delivery of Apex Financial Cooperatives.

The Apex financial cooperatives are a relatively common type of financial entity in many countries of the Asia-Pacific region. As community-based, grass-roots entities, they have a strong presence in remote rural and marginal urban areas, so they generally serve low- and middle-income segments of the population that receive little financial services from commercial banks. They also offer financial education and support for a savings-oriented culture in these communities and are among the main financial services providers to poor or low-income people. The digitalization of these financial cooperatives, a fundamental component of the financial sector in the Asia-Pacific region, is accelerating. There are numerous examples of progress from Iran to India to the Philippines to the Fiji Islands. Commercial banks in the region have already invested in Digitalization to optimize resources and improve profitability. The Apex financial cooperatives are also facing a similar challenge, although one that is more complex since the future of financial inclusion in the region depends on its solution.

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