Bank-Genie, a Singapore-based financial technology (fintech) firm, recently partnered with Cufa, an Australia-based NGO, to deploy Bank-Genie’s BanqIn platform in Cufa partner credit unions. The BanqIn platform will house the credit unions’ customer datasets, which then can be accessed online, allowing for remote loan approvals, disbursements and deposits. The initial rollout will focus on five credit unions in rural Myanmar, with the goal to include a total of 23 over time.
Cufa CEO Dr Peter Mason said, “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.”
Founded in 2016, Bank-Genie raised its Series A funding with SBI Ven Capital acting as lead investor in 2017. Bank-Genie serves microfinance institutions in Africa, Central Asia, Southeast Asia and Russia.
Cufa was established in 1971 to support credit union development in Southeast Asia and the Pacific. For the 12 months ending June 2020, the organization reported revenue of AUD 1.3 million (USD 988,000).
By Kate Finster, Research Associate
Sources and Additional Resources
Bank-Genie press release
https://www.bank-genie.com/post/cufa-partners-with-bank-genie-s-banqin-to-further-financial-inclusion-in-myanmar
Bank-Genie homepage
https://www.bank-genie.com/
Cufa homepage
https://www.cufa.org.au/
Cufa 2020 annual report
https://www.cufa.org.au/wp-content/uploads/2020/12/Cufa_Annual_Report_2019_2020.pdf
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