What is Asian Migrant Credit Union (AMCU)?
It is
- a democratic mutual help Co-operative aiming at building up migrants financial management & good saving practice;
- provide convenient saving account may accrue annual dividend & 1% loan interest rate with tailor made repayment schedule upon members in financial hardship;
- a HK registered legal entity in accordance to HK Law Ordinance #119, Credit Union Ordinance, and under the governing of Credit Union Registrar of Agriculture, Fisheries and Conservation Department, HKSAR
- Principles and guidelines government our operations are laid out by the Credit Union Ordinance (Cap. 119) as well as our by-laws.
Who can become our members?
Migrant workers, or members/staff of migrant organizations or worker trade unions in HK.
Background of AMCU
The Credit Union (CU) movement started in Europe in 1844. It reached Asia through the Philippines in 1938. It spread to other Asian countries after world war II, and began in Hong Kong in the 1960s.
Rev. Father John Collins, SJ started promoting the credit union movement in Hong Kong by advocating with the Government to adopt a credit union ordinance. In 1964, Father Collins established the first credit union in Hong Kong, the St. Francis Credit Union.
The formation of Asian Migrants Credit Union (AMCU)
In 2006, the Asian Migrant Centre (AMC) started discussions with the Hong Kong Credit Union League on the setting-up of a credit union of migrant workers. The aim was to establish a safe and legal mechanism that will enable migrants to save and accumulate assets while working in Hong Kong. This mechanism is also envisioned to hone the skills and raise the consciousness of migrants on proper financial and asset management, and help them for their eventual reintegration to their home countries.
On 20 February 2008, the first meeting of the founders of the migrants' credit union was held. The name of the credit union was originally proposed as "Asian Migrants Saving and Credit Union (AMSCU)." On 25 June 2008, the application and proposed By-Laws was submitted to the Registrar of Credit Unions. On 22 September 2008, the "Asian Migrants Credit Union" officially registered as the first savings and credit union of migrants in Hong Kong.
Since 2008, we have opened more than 800 member accounts.