The Asian Development Bank (ADB) and Mastercard have signed a Memorandum of Understanding (MOU) to advance financial inclusion and drive digital transformation across the Asia-Pacific region. Signed in early May, the agreement underscores the shared vision of both organizations to drive greater financial inclusion by empowering micro, small, and medium enterprises (MSMEs) and women-owned businesses – leveraging digital innovation to foster inclusive growth and adoption of climate-smart practices.
ADB and Mastercard have pledged to collaborate on initiatives aimed at enhancing access to financing, promoting the adoption of digital payments, and strengthening digital literacy among underserved communities. With a focus on bridging the digital divide and promoting inclusive economic development, the Parties have established guiding principles to ensure that cooperation efforts are aligned with the overarching objective of building a secure and sustainable digital economy.
“Mastercard has an extensive history of supporting MSMEs, and is committed to further collaborating with ADB in the Philippines to drive greater financial inclusion, broaden credit access, and ensure a safe and secure digital ecosystem for the evolving landscape,” said Simon Calasanz, Country Manager, Philippines, Mastercard.
Suzanne Gaboury, Director General of ADB’s Private Sector Operations Department shared, “Financial inclusion is at the heart of ADB’s mission to promote sustainable development. Through this partnership with Mastercard, we are increasing our efforts to expand access to financial services and unlock opportunities for marginalized communities in the Philippines, and across the region.”
ADB recently approved a $300 million loan aimed at supporting the Philippines’ financial inclusion goals such as expanding Filipinos’ access to financial services, particularly the vulnerable segments of the population, and promoting economic growth.
This strategic partnership represents a significant milestone in the journey towards building a more inclusive and resilient digital economy in the Asia-Pacific region. By working together, ADB and Mastercard are poised to unlock new opportunities, drive sustainable growth, and create lasting impact for generations to come.
