Hub C launch event in the Dominican Republic Elissa McCarter LaBorde speaks to reporters José Alejandro Rodríguez addresses the media

World Council of Credit Unions (WOCCU) on February 7 launched its Hub C Innovation-as-a-Service online marketplace at an event in Santiago, Dominican Republic, with Asociación de Instituciones Rurales de Ahorro y Crédito (AIRAC), its direct member organization in the Caribbean nation, and representatives from dozens of AIRAC member credit unions.

Utilizing a platform developed by FinConecta, the marketplace gives credit unions the ability to explore, evaluate and collaborate with fintech vendors to access cutting-edge technologies and solutions that enhance operational efficiencies, member experiences and overall competitiveness.

The sandbox environment allows credit unions to experiment with and test solutions that address digital lending, identity, savings, fraud prevention, digital banking, payments and customer engagement.

WOCCU President and CEO Elissa McCarter LaBorde and WOCCU Director of Member Services Thom Belekevich traveled to the Dominican Republic for the launch event, where they joined AIRAC President Alfredo Dorrejo and AIRAC Executive Director José Alejandro Rodríguez to speak with credit union representatives and members of the local press about the new initiative.

“This marketplace represents more than just a platform; it symbolizes collaboration, partnership and progress. It is a testament to the power of coming together, pooling our resources, and leveraging technology to create solutions that empower individuals and businesses alike,” said McCarter LaBorde. “As we gather here today, let us not only celebrate this milestone but also reflect on the immense possibilities that lie ahead. Together, we have the opportunity to shape the future of finance, to democratize access to financial services, and to drive economic growth and prosperity for our communities.”

According to 2021 data from the World Bank, nearly half of the Dominican Republic’s population is unbanked. And even many of those who are banked lack access to the digital financial products and services that define the way most people live and conduct business. 

With Hub C, WOCCU and AIRAC hope to bridge the growing digital divide that risks further isolating both cooperatives and their members from digital ecosystems that offer greater utility from accounts, through easy access to secure payments, savings, credit, insurance, remittances and mobile-centric emergency access to cash.

“They don't even know that it exists, so they are not going to look for it. So, I am very grateful to you, and also very grateful to your cooperatives for the receptivity to our call for action,” Rodriguez told attendees. “We have a platform where we can search for apps and download them (to test). I think it's a real revolution.”

After a testing phase in the Dominican Republic, WOCCU plans to offer access to the Hub C Innovation-as-a-Service online marketplace to credit unions in other Latin American countries.

To learn more about Hub C, visit our page on the new initiative at woccu.org/hubc.