The country’s largest agricultural cooperative is accelerating its digital transformation, with Sorosoro Ibaba Development Cooperative (SIDC) partnering with Nextbank to modernize its financial operations and expand digital banking services for more than 81,000 members nationwide.
The partnership highlights a broader trend as Philippine cooperatives increasingly embrace digital banking platforms to improve efficiency, strengthen governance, and widen financial inclusion in rural communities.
Under the agreement, SIDC will implement Nextbank’s cloud-based Core Banking System (CBS), providing the backbone for a fully integrated digital banking ecosystem. The cooperative also plans to roll out mobile banking, electronic know-your-customer (eKYC), and digital payment solutions as part of its modernization program.
Founded in 1969, SIDC has grown into the Philippines’ largest agricultural cooperative, with 57,514 regular members and 24,027 associate members engaged in agriculture, retail, wholesale, and financial services.
“We are honored to partner with SIDC as it embarks on the next phase of its digital transformation journey,” said James Allan To, president and chief commercial officer of Nextbank.
“At Nextbank, we are committed to empowering financial institutions with secure, scalable, and future-ready digital banking solutions. Together, we are laying the foundation for better financial services that will benefit thousands of cooperative members,” he added.
SIDC Chairman Engr. Ruben Celestial said digitalization has become critical as members increasingly expect faster and more convenient financial services.
“Digital transformation is essential in enabling us to remain responsive to the evolving needs of our members. By modernizing our financial operations, we are strengthening our capacity to deliver accessible, efficient, and innovative services across the communities we serve,” he said.
Chief Executive Officer Rico B. Geron described the initiative as a long-term investment in the cooperative’s future.
“We see digital transformation as a long-term investment in our members and the future of our cooperative,” Geron said.
As cooperatives expand beyond traditional lending and savings services, digital platforms are becoming an increasingly important competitive advantage.
SIDC expects its partnership with Nextbank to not just about upgrading technology but build a more connected financial ecosystem that can better serve thousands of farmers, entrepreneurs, and rural households across the country.
