A crowdfunding platform for women farmers, online marketplaces for women-produced goods and services, and e-wallet enabled lending were among ten of the winning business models which will be co-funded by the United Nations (UN) to improve access to finance for women-owned, managed or led micro, small and medium enterprises (MSMEs) in the region.
Launched by the UN Economic and Social Commission for Asia and the Pacific (ESCAP) and the United Nations Capital Development Fund (UNCDF) in March 2019, the Women Fintech MSME Innovation Fund will support the implementation of the winning private sector FinTech and digital business solutions for women entrepreneurs in Bangladesh, Cambodia, Fiji, Myanmar, Nepal, Samoa and Viet Nam.
“We received over 100 innovative proposals from businesses registered in more than 20 countries around the region,” ESCAP deputy executive secretary Hongjoo Hahm said, adding that the breadth of proposals received was impressive. “It is encouraging to see how digital finance and digital solutions can be used to address some of the barriers women-led MSMEs face in accessing finance and advancing their business.”
“ESCAP is grateful to the Government of Canada for their support to this initiative,” Hahm added.
MSMEs are a vital source of employment and a significant contributor to the GDP. However, more than 45 per cent of MSMEs in Asia and the Pacific experience financial access constraints. Socio-cultural norms mean women-led enterprises have to overcome gender-specific barriers to access institutional credit and other financial services.
“To address the issues that female business owners face, we need entrepreneur-centric solutions that will allow her to grow her business and reach her full potential,” said senior advisor at the Fintech and Financial Inclusion at the Dutch development Bank (FMO) Andrew Shaw.
The Women MSME Fintech Innovation Fund provides risk capital and technical assistance to pilot technology enabled financial service solutions for women-led enterprises. Out of the 110 applications received, the top 30 proposals were asked to pitch their ideas to an independent investment committee made up of industry experts and regulators.
Over the next year, ESCAP and UNCDF will provide financial and technical support to the ten winning companies as they develop and pilot their business initiatives. In the short-term, the initiatives aim to support more than 9,000 women led MSMEs in Bangladesh, Cambodia, Fiji, Myanmar, Nepal, Samoa and Viet Nam.
Launched by the UN Economic and Social Commission for Asia and the Pacific (ESCAP) and the United Nations Capital Development Fund (UNCDF) in March 2019, the Women Fintech MSME Innovation Fund will support the implementation of the winning private sector FinTech and digital business solutions for women entrepreneurs in Bangladesh, Cambodia, Fiji, Myanmar, Nepal, Samoa and Viet Nam.
“We received over 100 innovative proposals from businesses registered in more than 20 countries around the region,” ESCAP deputy executive secretary Hongjoo Hahm said, adding that the breadth of proposals received was impressive. “It is encouraging to see how digital finance and digital solutions can be used to address some of the barriers women-led MSMEs face in accessing finance and advancing their business.”
“ESCAP is grateful to the Government of Canada for their support to this initiative,” Hahm added.
MSMEs are a vital source of employment and a significant contributor to the GDP. However, more than 45 per cent of MSMEs in Asia and the Pacific experience financial access constraints. Socio-cultural norms mean women-led enterprises have to overcome gender-specific barriers to access institutional credit and other financial services.
“To address the issues that female business owners face, we need entrepreneur-centric solutions that will allow her to grow her business and reach her full potential,” said senior advisor at the Fintech and Financial Inclusion at the Dutch development Bank (FMO) Andrew Shaw.
The Women MSME Fintech Innovation Fund provides risk capital and technical assistance to pilot technology enabled financial service solutions for women-led enterprises. Out of the 110 applications received, the top 30 proposals were asked to pitch their ideas to an independent investment committee made up of industry experts and regulators.
Over the next year, ESCAP and UNCDF will provide financial and technical support to the ten winning companies as they develop and pilot their business initiatives. In the short-term, the initiatives aim to support more than 9,000 women led MSMEs in Bangladesh, Cambodia, Fiji, Myanmar, Nepal, Samoa and Viet Nam.
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