Visa Supports Women's And Young Generation SMEs In Southeast Asia With Digital And Financial Skills

Photo: Doc. Visa

JAKARTA - Visa, a global leader in payment solutions, is committed to driving digital and financial inclusion by equipping women and the younger generation in Southeast Asia with important digital and financial skills, to drive sustainable growth and pave the way for long-term success.

The OECD report found that rural communities, women, and certain ethnic minority groups face obstacles in realizing the full use of digital options. Many of them often face challenges in growing due to cultural and institutional barriers, coupled with preferences towards informal financing.

The young population in Southeast Asia, which covers nearly a third of Southeast Asia, as well as SMEs and MSMEs in the region which includes 99% of businesses, is key to economic growth. Visa helps their progress by increasing digital and financial literacy for women who own SMEs and young individuals.

In 2023, Visa digitally supports 10 million SMEs in Asia Pacific. The Visa Foundation has committed more than $47 million to the region, which has helped support two million women-led SMEs and helped sustain 500,000 jobs, and recently pledged 100 million to the APEC economy over five years.

Stephen Karpin, Regional President, Asia Pacific, Visa, said, in Indonesia, women and the younger generation are important drivers driving local economic growth. Visa leverages our vast resources and networks to contribute to communities where we operate, particularly in promoting digital and financial inclusion.

"We believe in transformative power in providing global access to digital financial tools for individuals and communities. As a key partner in Southeast Asia's financial ecosystem, Visa is committed to reaching the least served community, and ensuring they can also benefit from the digital economy," Stephen said.

Kelly Tullier, Vice Chair, Chief People and Corporate Affairs Officer, Visa, added that at Visa, his party is dedicated to empowering women, especially those who run small businesses, so that they are ready to achieve success.

"My visit to Vietnam confirms how the contribution of the local community will have the greatest impact if it is carried out together with leaders on the ground. We meet Visa Foundation partners, WISE Vietnam (Womens Initiative for Startups and Entrepreneurship), who have supported 100,000 women entrepreneurs in Vietnam with access to digital equipment to develop their business. Meanwhile, Visa's partnership with The Asia Foundation allows us to work closely with government institutions and microfinancial institutions to support local businesses and help the digital economy develop. By mutual support, we lay the foundation for an equal future for all, "concluded Bida

Visa and Visa Foundation establish strategic partnerships that help advance financial digitization and inclusion in Southeast Asian society, through several social impact initiatives that include:

Indonesia: Empowering SMEs led by women with the skills to encourage financial and digital inclusion

In Indonesia, the financial literacy program Mother Sharing Wise has had a positive impact on more than 1,400 women since its launch in 2017, including more than 1,000 MSMEs led by women in Central Java, Yogyakarta, Bali, and West Java through workshops. assistance, and business matching. This was realized thanks to the support of the local government, Bank Indonesia, the Financial Services Authority, and related ministries such as the Ministry of Tourism and Creative Economy, as well as the Ministry of Cooperatives and SMEs.

In addition, the Visa Foundation collaboration with the UN Women and the Swiss Association for Entrepreneurs in Emerging Markets resulted in programs that support women-led care companies with business training, guidance, and access to networks and finance. After completing this program, the first group collectively affected more than 27,000 beneficiaries, and more than 6,500 employees and independent caregivers.

Vietnam: Supporting ethnic minorities, youth and women business owners

In Vietnam, the Accelerate My Business program is a partnership between Visa, The Asia Foundation, and the Center for Women and Development, which provides basic financial, business and digital knowledge to micro and SME business owners in disadvantaged areas in Vietnam. The goal is to empower 25,000 female business owners in the next three years.

In addition, Visa supports households and ethnic minorities in partnership with the Committee for Economic Affairs Minority through the three-year MOU signed by Bank Negara Vietnam in 2023. The annual Financial Literacy Program, which has been running since 2012 with the Central Committee of the Vietnam Student Association, seeks to increase financial and business literacy in Vietnam.

Philippines: Developing future leaders of the Philippines through financial and academic education

Visa's financial literacy program in the Philippines, launched in 2017, has educated more than 36,000 students and teachers in 64 schools in 21 cities. Visa is working with Tanghalang Pilipino, a theater company owned by the Philippine Cultural Center, and Teak for the Philippines (TFP), a non-profit organization, with the support of Bangko Sentral ng Pilipinas.

This program involves the playing of Tagalog which is presented in schools, centered on financial literacy. TFP also recently received a Visa Foundation grant that will support student development programs and leadership development programs that deploy transformative teachers and bring about changes in schools and educational governance institutions.

Cambodia: Supporting women through financial literacy and entrepreneurship programs

Visa is working with the Ministry of Women's Affairs in Cambodia (MoWA) and the Cambodian National Bank (NBC) to support women through financial and entrepreneurial literacy programs. Since 2020, Visa, MoWA, and NBC have collaborated on a four-year initiative, 'Promotional Financial Literacy for Women and Female Entrepreneurs', which has helped more than 10,000 female entrepreneurs and students.

Given NBC's progressive commitment to reduce financial exclusion among women by half from 27 percent to 13 percent as stated in the 2019-2025 National Financial Inclusion Strategy, Visa is committed to aligning its social impact programs with NBC objectives.

The Visa Foundation's partnership with The Asia Foundation has supported more than 1,200 female entrepreneurs in the Philippines and Cambodia. In Cambodia, this project provides more than 800 women entrepreneurs from 12 provinces with access to capital, financial education, business training, and online markets through existing e-commerce platforms.

Visa's commitment to broader social impact targets has resulted in digital empowerment for 67 million SMEs worldwide. For more information on Visa's initiative, resources, and social impact solutions for small and micro businesses, visit the Visa Small Business Hub. For more information on the Visa Foundation, read the impact report first.