Visa, the global payments technology company, has announced a significant investment in the future of SMBs across the APEC economies.
With a steadfast commitment to financial inclusion, Visa, listed on the New York Stock Exchange as NYSE: V, and its philanthropic arm, Visa Foundation, have earmarked a substantial $100 million to support underserved and women-led SMBs in the APEC region over the next five years.
This financial pledge is designed to stimulate job creation, advance digital financial inclusion, and enhance economic mobility. By focusing on digital enablement, Visa aims to address the unique challenges faced by SMBs in developing economies, including Indonesia, Mexico, Peru, Philippines, and Vietnam. The announcement was made during the APEC Forum Economic Leaders and CEO Summit, hosted in San Francisco, underscoring Visa’s role in shaping economic policy at a global level.
Visa’s efforts go beyond monetary support. The company has already surpassed its three-year goal of digitally enabling 50 million SMBs worldwide by June 2023, having assisted nearly 67 million SMBs. This achievement reflects Visa’s dedication to helping SMBs adapt to the dynamic commerce ecosystem, offering digital solutions for payments, supplies procurement, and financial education.
Notably, of the 67 million SMBs reached, approximately 29.6 million are from APEC economies, including 10.9 million women-led businesses.
Visa’s new SMB accelerator initiatives in the United States and over 15 developing economies demonstrate the company’s ongoing commitment to digital advancement, particularly in cash-dominant economies. By prioritizing digital development in these regions, Visa aims to transform the way businesses and individuals transact, bringing more people into the fold of digital payments.
“Small businesses are anything but small to Visa. Over the past three years, we’ve seen them shift from leveraging digital payments to survive, to now harnessing the power of digital to improve efficiency and reach new customers,” said Alfred F. Kelly, Jr., executive chairman at Visa and Co-Chair of the APEC CEO Summit 2023. “Visa is committed to continue expanding equitable access and extending digitization for underserved and women-led SMBs globally, so that payments can truly be a catalyst for growth.”
In addition to financial investment, Visa’s initiatives focus on partnerships within the ecosystem to fast-track solutions for SMBs, thereby bolstering their role in the global economy.
The firm had previously set a goal of digitally enabling 50 million SMBs globally by June 2023, which they have surpassed, now reaching nearly 67 million SMBs.
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