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2018 ICU EN Logo HighRes BlackThe International Credit Union (ICU) Day® celebrates the spirit of the global credit union movement. The day is recognised to reflect upon the credit union movement's history, promote its achievements, recognise the hard work and share member experiences.

The ultimate goal of ICU Day® is to raise awareness about the tremendous work that credit unions and other financial co-operatives are doing around the world and give members the opportunity to get more engaged. The day of festivities for credit unions/co-operatives and financial co-operatives globally include fundraising, open houses, contests, picnics, volunteering and parades.

Credit Co-operatives in Singapore

The history of credit co-operatives in Singapore goes way back to 1925, with the formation of the first co-operative. Today, our credit co-operatives have in total 139,000 members and have given out $209 million loans to members.

Here are some fun facts about credit co-operatives in Singapore:

credit Full Infographics webFigures from Annual Report on Co-operative Societies in Singapore for the financial year ended 31 March 2017, Registry of Co-operative Societies, MCCY

ICU Day Celebration

What better way to celebrate ICU Day® than with co-operatives working together to do good for another co-operative?

icu day 1

SNCF, together with some of the affiliates from the credit sector, namely, The Singapore Statutory Boards Employees’ Co-operative Thrift and Loan Society, and The Singapore Teachers’ Co-operative Society, celebrated ICU Day by volunteering at NTUC Health Nursing Home (Geylang East).

The fun-filled afternoon spent with seniors from the nursing home was a wonderful opportunity for co-operators to know one another better through a meaningful activity.

The volunteers interacted with the seniors through activities such as art and craft, puzzle solving and karaoke. They also learnt some best practices on interacting with seniors, from staff at NTUC Health Nursing Home.

icu day 2 icu day 3 icu day 4

This is the first time that Mr Willy Kang, from The Singapore Teachers’ Co-operative Society, volunteered as a co-operative member and feels that volunteering at nursing homes could help teachers understand the seniors better, which will in turn help them in teaching their students the values of such activities.

Credit Co-operatives Doing Good

It is not just this one day where credit co-operatives do good. In fact, co-operatives have been doing good for the community regularly.

For example, credit co-operatives such as the The Singapore Government Staff Credit Co-operative and The Singapore Teachers’ Co-operative Society through their “Common Good Funds” provide members with benefits like loyalty membership benefits, retirement benefits, funeral grants etc. In addition, The Singapore Government Staff Credit Co-operative also offers educational awards for members’ children, hospitalisation and loyalty membership benefits. Such benefits align well with their members’ needs.

We also have credit co-ops giving back to the society in their own ways. For instance, The Singapore Statutory Boards Employees’ Co-operative Thrift and Loan Society (SSBEC) had recently kicked off their first ever community outreach initiative, “Giving Back to the Society” with the residents at the Ren Ci Hospital at Bukit Batok on 23 September 2018. The day was filled with fun and laughter with lots of games, singing oldie songs and making crafts and above all they had a birthday celebration for the residents. They intend to organise such activities at least thrice a year as part of SSBEC’s social mission.

ssbec giving back to the society

“SSBEC has withered through tough times as it gave us an opportunity to go within and seek for strength and solace. We have risen to the occasion and now it is our time to make a difference and give back to the society so that the less fortunate and weak will not be left behind. SSBEC will continue to operate based on the core co-operative principle of taking care of members’ needs and also to play a role by taking small steps with the aim of creating big impact,” Mr Shanmugathaasan Balasingam, General Manager at SSBEC, shared.

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Singapore National Co-operative Federation
510 Thomson Road #12-02
SLF Building, Singapore 298135
Email: [email protected]
Tel (65) 6602 0747, Fax (65) 6259 9577

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