The partnership aims to address the existing gaps in the global financial system, which have left more than 1.4bn people without access to the financial resources needed to secure a better future.
The companies have joined forces to make financial solutions more accessible to small business owners and marginalised individuals, focusing their efforts on Cambodia, Indonesia, the Philippines, and Vietnam, in a bid to drive inclusive economic opportunities across key markets in Asia.
Manulife is a prominent financial services provider with a commitment to fostering inclusive economic opportunities. They are dedicated to creating a level playing field for all individuals and communities. The firm is renowned for its Impact Agenda, a strategy that strives to drive inclusive economic opportunities.
Kiva, on the other hand, is a well-known crowdfunding platform that enables people to provide financial assistance to entrepreneurs and businesses around the world. Kiva empowers individuals by giving them agency and facilitating meaningful changes through small, impactful steps.
This initiative aims to enhance lending partners’ capacity in Cambodia, Indonesia, the Philippines, and Vietnam. By providing financial support, it enables these partners to fund loans for aspiring micro-entrepreneurs.
The deal also includes funding for micro-entrepreneurs not only in Asia but across the globe. This approach encourages corporate match funds and Kiva credits to support small business owners.
The Manulife Match Fund is also set to be introduced as part of the collaboration, which offers capital to micro-entrepreneurs and underserved communities through Kiva’s crowdfunding platform. Once the loans are repaid, the funds return to the fund, creating a revolving source of support that accelerates funding for future entrepreneurs.
Sarah Chapman, Global Chief Sustainability Officer, Manulife, said: “We are proud of our partnership with Kiva, which will help entrepreneurs to unlock the financial resources they need to build thriving enterprises and transform their communities.
“This commitment underscores the power of blended finance in helping us reach underserved individuals and communities in key emerging markets in Asia. As this partnership unfolds, we look forward to better engaging our customers, agents, colleagues, and all our stakeholders through inspiring local activation campaigns across the region.”
Vishal Ghotge, CEO, Kiva, added, “Kiva is excited to partner with Manulife to expand our work to create a financially inclusive world where all people hold the power to improve their lives. Kiva’s model gives agency to individuals and brings systemic changes through the smallest of steps – both for partners like Manulife who want to bring about change and for entrepreneurs who need financial access to have a shot at bettering their lives. It’s an honor to join hands with Manulife in pursuit of our shared vision for a more equitable financial future.”
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