A partnership formed between the IFC, MAS and the WEF marks a significant stride towards enhancing digital inclusion in emerging and developing markets.
This collaboration, underpinned by a Memorandum of Understanding, aims to mitigate inequalities through improved access to financial services for individuals and smaller businesses in these regions.
Central to their strategy is the mobilization of financing to make digital services more affordable and accessible, particularly targeting underserved communities and micro, small, and medium-sized enterprises (MSMEs). The IFC will lead the development of guidelines for digital financial inclusion financing instruments, leveraging its extensive network and expertise in financial support in emerging and developing markets.
Concurrently, MAS plans to integrate these efforts with its existing initiatives, such as the SME Financial Empowerment and Financial Transparency Corridor Programmes, to enhance financing access for MSMEs in emerging markets. The Forum will utilize its global network to disseminate and promote these innovations.
IFC Regional Industry Director Allen Forlemu highlighted the challenge of improving digital inclusion in emerging and developing markets, emphasizing the need for innovative financial instruments and guidelines to mobilize the necessary funding. He expressed IFC’s honor in partnering with MAS and the World Economic Forum to tackle this significant challenge.
Sopnendu Mohanty, Chief FinTech Officer at MAS, underscored MAS’s pride in partnering with IFC and the Forum. He emphasized the goal of the partnership to facilitate digital inclusion, thus enabling underserved individuals and MSMEs to access digital information and services affordably and consistently.
Sebastian Buckup from the World Economic Forum referred to the EDISON Alliance’s ‘Guidebook to Digital Inclusion Bond Financing’ and the importance of this partnership with IFC and MAS in transforming recommendations into actionable steps for financing digital inclusion.
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