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Asian Credit Co-op Leaders Sign Bangkok Declaration 2022

Posted September 14, 2022

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Credit Co-operatives all over Asia have the pivotal role of helping their members recover from the impacts of the COVID-19 Pandemic and Climate Change. On August 30, at the 2022 Forum of the Association of Asian Confederation of Credit Unions (ACCU), leaders of credit co-ops signed what will now be known as the "Bangkok Declaration", which prescribes co-ops to do the following:

BANGKOK DECLARATION 

WE, THE PARTICIPANTS of the Asian Credit Union Forum 2022, organized by the Association of Asian Confederation of Credit Unions (ACCU) on August 29 to 30, 2022, in Bangkok, Thailand, with the theme Greener, Inclusive, Resilient Path to COVID 19 Recovery have fully understood and recognized the pivotal role of credit unions toward members recovery on the impacts of the pandemic and climate change. 

WE ACKNOWLEDGE that the COVID-19 pandemic and climate change have caused unprecedented health, economic, and social crises threatening millions of lives and livelihoods, increasing poverty and inequality, and reversing our development gains. 

WE BELIEVE that credit unions are most needed by their members today more than ever, and there is an urgency to deepen our sense of purpose in building better lives for people. 

WE THEREFORE commit, as credit union leaders and employees, to channel our energies to a greener, inclusive, sustained, differentiated, and targeted financial and technical support to members by undertaking to do and accomplish the following actions immediately: 

I.    FOSTER an innovation-supportive climate stewardship culture by institutionalizing an awareness-raising program for members and climate lens in all aspects of operations and financial services of credit unions to manage the impacts of climate change, enhance adaptive capacity, and reduce overall vulnerability.

II.    BUILD the resilience of credit unions and the cooperative financial sector to avert, act, recuperate, absorb, and adapt to shocks and disruptions by instituting a risk management culture to achieve at least 10% Institutional Capital.

III.    CONTRIBUTE to the digitalization of financial cooperatives that can further boost innovation and entrepreneurship and support a transition to inclusive, low-cost, low-carbon financial services.

IV.    FOCUS on holistic financial wellness for members rather than just financial literacy by offering holistic support and advice so they can meet short-term needs while working toward long-range financial goals.

V.    DEEPEN outreach by implementing a sustainable Credit Union Microfinance Innovation Program focusing on men and women, the disadvantaged and other marginalized groups in the community to manifest commitment and participation in achieving SDG Goal 1.

VI.    CREATE job opportunities for members by institutionalizing Business Development Services that provide professional, high-quality, individualized business advising and technical assistance to members with existing small businesses and pre-venture enterprises.

VII.    ELEVATE the quality and identity of credit unions by adopting ACCESS standards as a self-regulation and mandatory risk-based supervision for credit unions.

VIII.    HEIGHTEN the credit union’s role as members’ trusted wealth creation advisor by offering only wealth-building products and services that help members reach their financial independence.

IX.    EMBRACE intergenerational solidarity that requires leaders and employees of all generations to sustain the devotion to the cooperative values and principles of people helping people.  In so doing, we commit to re-educate ourselves through the Leadership Bootcamp to deepen our sense of mission as we pass the baton to the next generation of leaders.

X.    GET INVOLVED actively in the development of integration strategies, providing timely feedback on the achievements and challenges of integration.


Tags

  • #NATCCO #NATCCONETWORK #COOP #COOPERATIVE #CO-OP #KOOPERATIBA
  • Association of Asian Confederation of Credit Unions
  • Bangkok Declaration
  • climate change
  • national confederation of cooperatives

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