Cooperatives urged to adopt digital trends

COOPERATIVES, most of which operate in the countryside, were encouraged to adopt to emerging digital trends to level up their operations and improve their networking.

This was emphasized during the first-ever digital cooperative summit, aimed at empowering cooperatives through technology, which was launched at the inaugural of Philippine FinTech Festival (PFF).

Leading the summit was digiCOOP, the country’s first and only technological service cooperative that is revolutionizing the Philippine cooperative sector by providing an online platform that extends financial inclusion to its members. Partnering with it was Digital Pilipinas, the convenor of PFF.

digiCOOP President and Chief Executive Officer Ann Cuisia said that while the cooperatives’ digital transformation has been progressing slowly, she hopes for an increase in adoption. “It’s never too late for this country to have a mainstream Filipino cooperative movement.”

As of 2020, the Cooperative Development Authority reported that there are over 11,000 operating cooperatives and 11.5 million coop members. According to digiCOOP, cooperatives can maximize revenue through the use of smart technology and forge the power of their digital assets.

“We established digiCOOP as a platform for cooperatives where they can exchange services with other member cooperatives, essentially building their members’ wealth through participation in a lively ecosystem,” said Cuisia.

“Undoubtedly, the future is cross-border. The goal of Digital Pilipinas’ partnership with digiCOOP is to put the Philippine cooperatives side by side with other global best practices,” said Amor Maclang, the convenor of PFF and Digital Pilipinas.

digiCOOP’s online platform is powered by TraXion Tech, a company that seeks to elevate the social-impact quotient of any business or organization it works with through transformative technology.

Cooperatives such as the Manuel Guianga and Sirib Growers and Employees Multipurpose Cooperative (Magsige) expanded their services through digiCOOP’s power of technology. With digital technology, Magsige’s services now include digital wallets, marketplaces and livelihood programs, allowing them to create a more streamlined and convenient coop system for their members and opening more opportunities for them.

For his part, Jeremille Raton, Brankas head of partnerships, said his firm offers application programming interface (API) that allows applications to “communicate” with each other like the exchange of instant messages in a social media platform. “Through application of new technology, such as application programming interface, we can help cooperatives expand their services and enrich the lives of the members.”

“Technology has become sophisticated. Gone are the days of developing ‘full systems,’ and instead we use APIs, which ensures the safety of online transactions,” added Raton.

Cooperatives that attended the event included the San Dionisio Credit Cooperative, 1 Cooperative Insurance System of the Philippines Life and General Insurance, Manatal Multipurpose Cooperative, ACDI Multipurpose Cooperative and Simbayanan ni Maria Multipurpose Cooperative.