BanqIn (A Product of Bank-Genie) is once again bringing digital banking solutions to microfinance institutions. Cufa, an Australian not-for-profit organization that aims to eradicate poverty by supporting credit unions in South-East Asia and Pacific regions, tapped BanqIn to bring its core banking system to its credit unions in Myanmar. The project is currently under planning but will be implemented among Cufa’s 23 credit unions in the country — spanning 3,000-4,000 customers that will eventually grow due to the digital banking modules supported by BanqIn.
For banking to thrive in rural Myanmar, only the best communication and digital technologies should be used. Bank-Genie’s BanqIn offers the innovation needed to offer microfinance institutions an all-in-one digital core banking platform to enable credit unions to remove paper-based, traditional bookkeeping methods.
Through their partnership with BanqIn, Cufa will be introducing its DigiCUD program. This will enable members of their credit unions to facilitate loan origination, approvals, disbursements, and deposits digitally. Cufa’s goal is to eventually introduce the benefits of credit unions to an additional 90 villages in the country. This is to be made possible by BanqIn’s all-in-one banking platform.
This isn’t the first time that BanqIn is rolling out its digital strategies in Myanmar. Its first client in the country was the Aung Naing Toe Microfinance Co-operative Society. Aside from Myanmar, BanqIn has helped microfinance institutions in other Asian countries such as the Philippines and India to reach unbanked communities in their respective rural areas.
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. By bringing digital banking to rural areas, furthering financial inclusion becomes much easier — something that all should be aiming for as financial inclusion has proven to alleviate poverty among communities.
There are many reasons why over 1.7 billion adults still don’t have access to financial products and services. For those living in rural areas, geographical distance is one of their biggest barrier to financial inclusion. However, BanqIn has proven itself to be a solution to these barriers, and its partnership with Cufa will further financial inclusion in the country.
BanqIn
An instant all-in-one financial inclusion platform for microfinance institutions, credit unions, rural and thrift banks to reach the billions around the world who remain unbanked. BanqIn is committed to empowering financial institutions with the most cost-efficient, accessible, and comprehensive banking platform. BanqIn reduces risks, increases productivity, and extends reach to meaningfully serve and unlock the financial opportunities for its customers.
Bank-Genie
Bank-Genie Pte. Ltd. is a Singapore-based company incorporated in 2016. For banks and financial institutions who are driving towards digital transformation, Bank-Genie is a future-focused technology partner that helps enrichen the banking experience.
Bank-Genie has a proven record across markets of Asia and Africa with its Interceptive Banking Technology. Bank-Genie Pte Ltd is funded by SBI Ven Capital Pte Ltd and FMO, the Dutch Development Bank.