The International Finance Corporation (IFC), Monetary Authority of Singapore (MAS), and the World Economic Forum have committed to a Memorandum of Understanding, aiming to enhance digital inclusion in emerging and developing economies.
This initiative seeks to address the disparities faced by individuals and smaller businesses, particularly in terms of accessing financial services.
IFC will take the lead in formulating these guidelines, leveraging its extensive network in financial institutions and support mechanisms within emerging markets. The guidelines are expected to cover aspects like digital financial inclusion products, eligible assets, and frameworks for measurement and reporting.
MAS plans to integrate the IFC efforts with its existing initiatives, such as the SME Financial Empowerment and Financial Transparency Corridor Programmes, to further enhance financing access for MSMEs.
The World Economic Forum will utilise its global network to promote and disseminate solutions and insights that arise from this collaboration.
Allen Forlemu, Regional Industry Director at IFC, emphasised the significance of this challenge, stating,
“We need innovative financial instruments and guidelines to mobilise the trillions of dollars needed to improve digital inclusion.
IFC is honoured to partner with MAS and the World Economic Forum to help address this challenge, which will ultimately benefit underserved people and businesses in countries that need it most.”
Echoing this sentiment, Sopnendu Mohanty, Chief Fintech Officer at MAS, highlighted the importance of the partnership in fostering digital inclusion.
“MAS is proud to partner the International Finance Corporation and the World Economic Forum to collaborate in research for digital inclusion, which could allow previously underserved individuals and MSMEs to access digital information, services, and products consistently and affordably.
Through this partnership, we hope to promote developments in emerging markets, support quality education and reduce inequalities.”