Friday, March 20, 2015
Metlife Launches ‘The Financial Inclusion Challenge’ to Improve Financial Access in Asia
One of the key impediments to more equitable economic development in Asia is inadequate access to formal financial institutions such as banks, credit unions, post offices and cooperatives. Unequal access to the Internet or the “digital divide” makes online and mobile banking also challenging in the vast rural regions across Asia. According to the Asian Century Institute, only 55 percent of adults in East Asia have access to the formal financial sector, while access in South Asia is as low as 33 percent.
Recognizing the scale of this problem, MetLife Foundation has announced its exclusive sponsorship and launch of “The Financial Inclusion Challenge” in Asia. It is a two-year global project designed to encourage nonprofits and for-profit enterprises to submit proposals based on innovative, sustainable solutions for the vast number of individuals and families struggling to be a part of the financial mainstream....