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WYCUP Program Awards Five Scholarships to WCUC 2020

Final WCUC 2019 keynote address focuses on future “disruptors” to credit unions

July 31, 2019

NASSAU—Five young credit union professionals from four different countries are each leaving The Bahamas with a scholarship that includes an all-expense paid trip to Los Angeles for the 2020 World Credit Union Conference.

The World Council Young Credit Union Professionals (WYCUP) Program awarded its scholarships during the final general session of the 2019 World Credit Union Conference. The 2019 WYCUP Scholarships were presented to:

The winners were selected out of 23 nominees who applied from across the globe. The WYCUP Scholarship program is open to nominees who are 35 or younger, have made significant contributions to their credit union or financial cooperative system and have the potential to make a global credit union impact. The WYCUP program has awarded more than 90 scholarships since 2001.

Preparing for cryptocurrency and cybercrime

From social media companies launching their own cryptocurrency to data criminals demanding cyber-ransoms from financial institutions—global security expert Mikko Hyponnen described the future financial landscape credit unions need to prepare for during the final general session of WCUC 2019.

Hypponen, chief research officer at F-Secure, warned more and more banks and credit unions are being are targeted by cybercriminals, not to steal money. but data. They are holding the institutions’ member data hostage and demanding ransom amounts, but not in cash.

“They take over computers, the encrypt all the data and then they ask you to pay Bitcoins if you want to get your old files back," said Hypponen.

Hackers demand cryptocurrency because they can transfer it across thousands of accounts, according to Hypponen, making it impossible to track.                           ,”

Hypponen also used Facebook’s planned launch of Libra—its own cryptocurrency—as an example of how credit unions could see their traditional business models completely disrupted.

“Facebook has more users than what Mastercard, Visa and what China WePay have together. This is why it's a big deal. They are very powerful players in the area of finance—an area where they've never been before—and now they are making a move into the space, and it is likely to succeed," said Hypponen.                ,”

WCUC 2019 Closing Celebration

The 2019 World Credit Union Conference, held in partnership with the Caribbean Confederation of Credit Unions, concludes Wednesday night with a Caribbean-themed closing reception at Atlantis Resort.

Follow conference activities and see daily event photos on Facebook, Twitter and Instagram with #WCUC2019.

Get ready for 2020 

Next year, World Council will host WCUC 2020 in conjunction with the Credit Union National Association (CUNA), July 19-22, 2020 in Los Angeles. To register or learn more visit www.worldmoving.org.



World Council of Credit Unions is the global trade association and development platform for credit unions. World Council promotes the sustainable development of credit unions and other financial cooperatives around the world to empower people through access to high quality and affordable financial services. World Council advocates on behalf of the global credit union system before international organizations and works with national governments to improve legislation and regulation. Its technical assistance programs introduce new tools and technologies to strengthen credit unions' financial performance and increase their outreach.

World Council has implemented 300+ technical assistance programs in 89 countries. Worldwide, 85,400 credit unions in 118 countries serve 274 million people. Learn more about World Council's impact around the world at www.woccu.org.



Contact: Greg Neumann
Organization: World Council of Credit Unions
E-mail: gneumann@woccu.org
Phone: +1 608-395-2048
 
The 2019 WYCUP Scholarship winners
The 2019 WYCUP Scholarship winners
Mikko Hypponen
Mikko Hypponen

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