Bank-Genie, Cufa rolls out banking solutions for Myanmar's credit unions

Bank-Genie’s BanqIn will migrate customers’ data in a single platform.

Singapore-based banking technology company Bank-Genie has partnered with Australian non-profit organization Cufa to implement digital banking solutions with 23 credit unions in Myanmar, Bank-Genie said in a press release.

The partnership will see Bank-Genie’s platform BanqIn, an all-in one digital banking platform aimed for microfinance institutions, credit unions and thrift banks, bring together customers’ data and the credit unions’ products online.

Through BanqIn, all of the customers’ data will be migrated to a single platform, with each credit union set up as a branch. Each branch will have their own savings and loan products as well as their own terms and conditions.

Meanwhile, through their partnership with BanqIn, Cufa will be introducing its DigiCUD programme in Myanmar, which will reportedly enable credit unions to facilitate loan origination, approvals,  disbursements, and deposits digitally. 

Currently, the credit unions in the country are heavily reliant on manual processes, and span between 3,000 to  4,000 customers, according to BanqIn and Cufa.