The World Cooperative Monitor 2023 report is the 12th edition. The report is produced by the International Cooperative Alliance with the support of the European Research Institute on Cooperative and Social Enterprises. It includes annual rankings of the top 300 largest cooperative and mutual enterprises and examines their impact on communities, economic data collection, and thematic analysis.
The report presents two sets of rankings for the top 300 cooperatives and mutuals: one based on turnover and the other on the ratio of turnover over GDP per capita. This approach allows for a comparison of the relative size of these enterprises in different national economic contexts, although it doesn’t directly compute each enterprise's contribution to national GDP.
In 2021, the top 300 cooperatives and mutuals had a total turnover of $2.409 trillion USD. The agricultural sector (105 enterprises) and the insurance sector (96 enterprises) dominate, followed by wholesale and retail trade (57 enterprises). The financial services sector is more prominent in the turnover over GDP per capita ranking. Geographically, most of these top cooperatives and mutuals are located in the most industrialized countries.
Groupe Crédit Agricole from France leads the turnover-based ranking with a turnover of $117.01 billion USD and 147,000 employees in 2021. In the turnover over GDP per capita ranking, IFFCO from India takes the top spot.
The ASEAN is represented in WCM2023 by two prominent cooperatives from Singapore and one from Malaysia.
NTUC Income Cooperative Singapore
NTUC Income, established as a cooperative insurance society, is a significant provider of life, health, and general insurance products in Singapore. Since its inception, NTUC Income has dedicated itself to making essential insurance accessible to all Singaporeans, particularly catering to the needs of workers and their families.
NTUC Income is ranked 151st in the insurance sector based on turnover. This ranking places it among the notable insurance cooperatives globally, emphasizing its significant role in the insurance industry in the Asia-Pacific region and its substantial economic performance,
The cooperative's approach is rooted in the values of equality, inclusivity, and social development, aligning with the broader goals of the National Trades Union Congress (NTUC) in Singapore.
NTUC Income's evolution over the years has seen it modernize its offerings and services, incorporating digital solutions to enhance customer experiences while retaining its core social mission. As a leader in the insurance sector, NTUC Income remains committed to offering affordable, comprehensive, and relevant insurance products, playing a pivotal role in safeguarding the financial well-being of the community. For more information, visit their website: NTUC Income
NTUC Fairprice Co-Operative Ltd Singapore
NTUC Fairprice Co-operative Ltd, established by the labour movement in Singapore, is the nation's leading grocery retailer. It began with a social mission to moderate the cost of living in Singapore.
NTUC Fairprice Co-Operative Ltd is ranked 156th in the wholesale and retail trade sector based on turnover. This ranking highlights its prominent position in the retail sector, specifically in Singapore and the broader Asia-Pacific region, reflecting its impact on the national economy and its service to the community.
From its humble beginnings with a single supermarket, NTUC Fairprice has grown to become a household name, operating a network of over 230 outlets across the country.
These outlets include a range of formats like FairPrice supermarkets, FairPrice Finest, and FairPrice Xtra, catering to the diverse needs of the Singaporean population.
As a cooperative, NTUC Fairprice places a strong emphasis on providing quality goods at affordable prices, contributing to the welfare of workers and their families. Additionally, NTUC Fairprice actively participates in community initiatives and sustainability efforts, reflecting its commitment to social responsibility and environmental stewardship. For more details, you can visit their website: NTUC FairPrice
NTUC Income came first before NTUC FairPrice. NTUC Income, also known as NTUC Income Insurance Co-operative Ltd, was established in 1970. It is a cooperative insurance company in Singapore and is one of the largest and oldest insurance providers in the country.
NTUC FairPrice, on the other hand, was established in 1973. It is a supermarket and retail chain in Singapore that offers a wide range of groceries and household products.
NTUC stands for the National Trades Union Congress, a national trade union center in Singapore, and both organizations are affiliated with it in different ways to serve the needs of workers and consumers in Singapore.
Bank Kerjasama Rakyat Malaysia Berhad (Bank Rakyat)
Bank Kerjasama Rakyat Malaysia Berhad, commonly known as Bank Rakyat, is a prominent cooperative bank in Malaysia. Established in 1954 under the Co-operative Ordinance of 1948, Bank Rakyat operates as a key financial institution regulated by Bank Negara Malaysia under the Development Financial Institutions Act (DAFIA 2002) and the Ministry Of Entrepreneur Development and Cooperatives (MEDAC).
Bank Rakyat is ranked 275th in the insurance sector based on turnover. This ranking positions Bank Rakyat as an important player in the insurance sector within the Asia-Pacific region, showcasing its influence in Malaysia's financial and cooperative sectors
With its deep roots in the cooperative movement, Bank Rakyat has evolved to become one of the largest Islamic cooperative banks in Malaysia.
The bank specializes in providing a variety of financial services, including personal banking, business banking, and Islamic banking products and services. Bank Rakyat's commitment to cooperative principles is evident in its focus on community development and support for small and medium-sized enterprises (SMEs), contributing significantly to the economic development of Malaysia.
The bank also emphasizes digital innovation and customer-centric services, aligning with the modern banking landscape while staying true to its cooperative ethos. For further information, you can visit their website: Bank Rakyat.
The International Cooperative Alliance (ICA) is a global organization founded in 1895, dedicated to representing and uniting cooperatives worldwide. As the apex body for cooperatives, the ICA advocates for cooperative interests, fosters collaboration, and provides resources to promote the growth and sustainability of cooperatives. Emphasizing cooperative values and principles, the ICA plays a vital role in advancing the cooperative movement across sectors and countries. For more information, visit their website: International Cooperative Alliance (ICA).
The European Research Institute on Cooperative and Social Enterprises (EURICSE) is a prominent research organization specializing in cooperative and social enterprises. Established in Italy, EURICSE conducts research, provides expertise, and promotes knowledge exchange in the field of cooperatives and social enterprises. It plays a critical role in advancing the understanding and development of cooperative business models and their impact on society. For more information, you can visit their website: EURICSE.